AML News - August 2024

International

The Financial Action Task Force (FATF)

• Published reports on progress in strengthening measures to tackle ML/TF for the following countries: Rwanda, Zimbabwe, Namibia, Kenya, Madagascar, and Malawi.
• Issued a publication on the Methodology for Assessing Technical Compliance with the FATF Recommendations and the Effectiveness of AML/CFT/CPF Systems. This document is a guide intended for use by assessors who are tasked with conducting a mutual evaluation.

New Zealand

Department of Internal Affairs (DIA)

• Released a cabinet paper that proposes amendments to the AML/CFT Act. The proposed changes include removing EDD requirements for certain low risk trusts and adding an explicit prohibition on international wire transfers that are not accompanied by the required information.

United Kingdom

Government 

• Issued guidance on civil measures for money laundering supervision. If a business breaches its AML requirements, the government can use the civil measures listed in this guidance or treat the breach as a criminal matter.
• Announced additional Belarus sanctions to mark the fourth anniversary of its undemocratic 2020 presidential elections.
• Issued a new SARs Reporter Booklet. This booklet contains a summary of feedback from law enforcement agencies on their use of SARs.

Canada 

Financial Transactions and Reports Analysis Center of Canada (FINTRAC)

• Released updated guidance on how to report suspected sanctions evasion in a Suspicious Transaction Report.

United States

Financial Crimes Enforcement Network (FinCEN)

• Issued the Final Rules to Safeguard Residential Real Estate, Investment Adviser Sectors from Illicit Finance. The final residential real estate rule will require certain industry professionals to report information to FinCEN about non-financed transfers of residential real estate to a legal entity or trust, which presents a high illicit finance risk.
• Issued a reminder to financial institutions to remain vigilant to suspicious transactions associated with synthetic opioids.

Singapore

Money Authority of Singapore (MAS)

• Released a Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Merchant Banks. This Compliance Toolkit aims to guide and facilitate merchant banks’ understanding and compliance with the various MAS approval, notification, and reporting requirements and timelines.
• Issued a Notice on Reporting of Suspicious Activities and Incidents of Fraud. This notice requires the following entities to lodge Form F1 with MAS within 5 working days after the discovery of any suspicious activities and incidents of fraud where such activities or incidents are material to the safety, soundness or reputation of the relevant entity.

South Africa

Financial Intelligence Centre (FIC)

• Published public compliance communication (PCC) 59, which offers accountable institutions guidance on compliance with the beneficial ownership requirements of the Financial Intelligence Act. PCC 59 aims to highlight money laundering, terrorist financing and proliferation financing risks related to beneficial owners.

Other Jurisdictions

No major updates this month.