AML News - June 2024

International

The Financial Action Task Force (FATF)

• Published the latest list of High-Risk Jurisdictions subject to a Call for Action. The list remains unchanged and includes the Democratic People's Republic of Korea (DPRK) and Iran. It also lists Myanmar as a jurisdiction subject to a FATF call on its members and other jurisdictions to apply enhanced due diligence measures proportionate to the risks arising from the jurisdiction.
• Issued an updated list of the Jurisdictions under Increased Monitoring, also referred to as the "grey list." Jamaica and Turkiye were removed from the list, while Monaco and Venezuela were added.
  • • Arctic Intelligence's July 2024 Country Risk Rating updates will reflect these changes.
• Published an updated version of the Consolidated Assessment Ratings. 
• Issued a public consultation on an update to the FATF Money Laundering National Risk Assessment Guidance. The goal is to make the guidance more effective, comprehensive and useful for all stakeholders involved. Responses are due by 22 Jul 2024.
• Published reports on progress in strengthening measures to tackle ML/TF for the following countries: Vietnam, Palau, Hungary, Moldova, and Gibraltar.

Australia

The Australian Transaction Reports and Analysis Centre (AUSTRAC)

• Released a new financial crime guide to help businesses identify and report suspicious activity related to criminal networks targeting vulnerable international students and temporary residents as money mules.

Canada

Financial Transactions and Reports Analysis Center of Canada (FINTRAC)

• Released updated guidance on Electronic Funds Transfer Reports and Casino Disbursement Reports.

France

The Autorité des Marchés Financiers (AMF)

• Published a new version of its ML/TF sectoral risk analysis, the first version of which was published in 2019. This document sets out, for the professionals under AMF supervision, the national risk analysis (NRA) that was updated and published on 14 February 2023 by the Conseil d'Orientation de la Lutte Contre le Blanchiment de Capitaux et de Financement du Terrorisme (Anti-Money Laundering and Countering Terrorist Financing Advisory Board).

United Kingdom

Government

• Issued updated financial sanctions guidance for charities and non-governmental organisations. It provides financial sanctions guidance for entities and individuals that operate or interact with charities and non-governmental organisations, especially those who are involved in work that may include activity with those subject to UK financial sanctions.
• Issued updated guidance for the accountancy sector. The guidance helps accountancy-related businesses meet their obligations for money laundering supervision, including customer due diligence, record keeping and reporting suspicious activity.
• Announced 50 new sanctions designations and specifications to degrade Putin’s war machine in coordinated action with G7 partners to support Ukraine.

United States

Financial Crimes Enforcement Network (FinCEN)

• Issued the FinCEN Year in Review for FY 2023. The Year in Review is intended to help stakeholders gain insight into the collection and use of Bank Secrecy Act data, including FinCEN’s efforts to support law enforcement and national security agencies.
• Announced a proposed rule to strengthen and modernize financial institutions' AML/CFT programs.  This proposed rule would amend existing regulations to explicitly require that AML/CFT programs be effective, risk-based, and reasonably designed, enabling financial institutions to focus their resources and attention in a manner consistent with their risk profiles.

South Africa

Financial Intelligence Centre (FIC)

• Issued its first Financial Crime Insights publication which assessed the inherent ML risks related to money mule activities and schemes in South Africa. The report focused on threat patterns and trend information identified through analysis of suspicious and unusual transactions and suspicious activity reports filed to the FIC between August 2016 and July 2023.
• Published the South Africa National Terrorism Financing Risk Assessment. The update reflects on the threats, vulnerabilities and possible impact of terrorist financing on South Africa’s safety and stability, as well as those of its neighbours and countries further afield.

Other Jurisdictions

No major updates this month.