The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published a Joint Opinion addressed to the European Commission on the risks of money laundering (ML) and terrorist financing (TF) affecting the European Union’s financial sector. This Opinion will contribute to the European Commission’s risk assessment work as well as that of the ESAs …
The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) launched today a public consultation on draft regulatory technical standards (RTS) to help Member States determine when payment service providers and electronic money issuers should appoint a Central Contact Point (CCP) to support the fight against money laundering and terrorist …
The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published today its final Guidelines on the characteristics of a risk-based approach to anti-money laundering and terrorist financing supervision and the steps to be taken when conducting supervision on a risk-sensitive basis. These guidelines form part of the Joint Committee’s …
As part of its plenary meeting earlier this months, the Financial Action Task Force (FATF) declared it would reach out to the FinTech / RegTech communities. FATF acknowledged that Technology-based innovations are rapidly changing the financial industry, introducing efficiencies and providing alternatives for traditional financial products. Consequently, it is important for the FATF to engage with the FinTech/RegTech …
Money Laundering Regulator to reach out to the FinTech / RegTech communities Read More »
Today the Financial Action Task Force (FATF) published a report on Terrorist Financing in West and Central Africa. This joint FATF-GIABA-GABAC report reveals a number of terrorist financing threats and vulnerabilities that are specific to the West and Central Africa region, and highlights the role of cash, including foreign currency. The report looks at the contextual factors …
FATF updates on Terrorist Financing in West and Central Africa Read More »
Today the Financial Action Task Force (FATF) published Guidance on Correspondent Banking. This guidance explains the FATF’s requirements in the context of correspondent banking services to manage, rather than avoid, the money laundering and terrorist financing risks associated with these business relationships. Correspondent Banking relationships are essential in the global payment system and vital to international trade …
FATF publishes Guidance on Correspondent Banking Read More »
Today the Financial Action Task Force (FATF) published Guidance on Criminalising Terrorist Financing. This Guidance paper on the criminalisation of terrorist financing will help countries implement each of the requirements of Recommendation 5, and explains the various aspects that the terrorist financing offence must cover in national legal systems. To stop the financing of terrorism, countries must …
FATF provides Guidance on Criminalising Terrorist Financing Read More »
The FATF and Asia/Pacific Group on Money Laundering (APG) conducted an assessment of Singapore’s anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations, and using the 2013 Methodology. The assessment is a comprehensive review of the effectiveness of Singapore’s AML/CFT system and its level of compliance with the FATF Recommendations. Singapore …
The FCA today issued Policy Statement “PS16/19: Financial Crime Reporting: feedback on Chapter 6 of CP15/42 and final rules”. In this Policy Statement, the FCA reports on the main issues arising from Chapter 6 of Consultation Paper 15/42 Introduction of financial crime reporting form and publish the final rules. In December 2015, the regulator consulted on a proposal …
Imagine a situation like this: you work for a small or medium sized financial institution and your job contains some kind of responsibility for legal or compliance questions. Now, someone in senior management decides it would be a great idea to expand to country X because the good people there are in dire need of …
AML country reports – An introduction to the FATF Mutual Evaluations Read More »
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