Financial institutions in Singapore reminded to continue to refer to latest FATF statements on DPRK, Iran and Myanmar
Financial institutions in Singapore have been advised by the country’s regulator that they should continue to refer to the Financial Action Task Force (FATF) statement of February 2020 in respect of the Democratic People’s Republic of Korea (DPRK) and Iran as well as the latest…
Myanmar – but not Russia – joins Iran and North Korea on FATF black list
Myanmar has joined Iran and North Korea on the Financial Action Task Force (FATF) list of high-risk jurisdictions subject to a call for action, better known as the FATF ‘black list’. Despite calls from Ukraine and elsewhere for Russia to be blacklisted, the FATF opted…
DRC, Mozambique, Tanzania added to FATF grey list
Democratic Republic of the Congo (DRC), Mozambique and Tanzania have been put on the Financial Action Task Force (FATF) ‘grey list’ of jurisdictions under increased monitoring it was announced at the end of the global financial watchdog’s plenary meetings in Paris last week. All three…
Pakistan and, despite concerns, Nicaragua off FATF grey list
Pakistan and Nicaragua have been removed from the Financial Action Task Force (FATF) ‘grey list’ of jurisdictions under increased monitoring according to a statement issued at the end of the global financial watchdog’s plenary meetings in Paris last week. Pakistan, which has been on the…
Austrac publishes guidance on source of funds and source of wealth
Australia’s government agency for detecting, deterring and disrupting financial crime has published guidance to help reporting entities undertake source of funds and source of wealth checks and mitigate the risk that a customer’s funds relate to money laundering, terrorism financing (ML/TF) or other serious crimes. The…
Integrity of the global trade system and financial industry under threat from TCOs, collaboration needed says WCO and Egmont Group
The integrity of the global trade system and financial industry as well as both regional and global security are under growing threats posed by transnational criminal organisations (TCOs) and terrorist organisations according to the World Customs Organisation (WCO) and the Egmont Group (EG) of Financial…
Basel AML Index 2022 provides ML/TF risk scores based on data from 18 trusted sources
The Basel Institute on Governance has published its independent annual ranking that assesses the risk of money laundering and terrorist financing (ML/TF) around the world. Since 2012 the Basel AML Index has provided risk scores based on data from 18 publicly available sources, including the…
Cross-border banking scandals prompt EBA calls for more cooperation between supervisors in AML/CFT colleges
The European Banking Authority (EBA) has published a new report that calls for more proactive engagement between supervisors in anti-money laundering and counter financing of terrorism financing (AML/CFT) colleges. This is the authority’s second report on the functioning of AML/CFT supervisory colleges, which are made…
Danske Bank’s Irish branch fined €1.82 million for AML/CFT breaches
Danske Bank has been fined €1.82 million (US$1.79 million) and reprimanded by the Central Bank of Ireland (CBI) for three transaction monitoring failures in its anti-money laundering and counter financing of terrorism (AML/CFT) systems. The three breaches of Ireland’s criminal justice act (CJA) all stem…
Tightening the screws on Russian sanctions, more help expected from US banking and financial services sector
The banking and financial services sectors have been “enormous partners” throughout the information sharing effort to combat Russian sanctions evasion according to the US justice department’s director of Task Force KleptoKapture, Andrew Adams. Now, he says, the department wants to introduce additional means to prevent…
