International
The Financial Action Task Force (FATF)
- Published reports on progress in strengthening measures to tackle ML/TF for the following countries: India, Jersey, and El Salvador.
- Issued an updated version of the Consolidated Assessment Ratings. The Ratings provide an up-to-date overview of the ratings on both effectiveness and technical compliance for all countries assessed against the 2012 FATF Recommendations and using the 2013 Assessment Methodology.
United Nations Security Council (UNSC)
- Announced an extension of sanctions against Sudan — including asset freezes, travel bans and an arms embargo — until 12 Sep 2025.
Australia
The Australian Transaction Reports and Analysis Centre (AUSTRAC)
- Announced the introduction of the AML/CTF Amendment Bill 2024 into Parliament. This Bill has three key objectives: 1) extend the AML/CTF regime to additional services, 2) modernise the regulation of virtual assets and payments technology and 3) simplify and clarify the regime to increase flexibility, reduce regulatory impacts and support businesses to prevent and detect financial crime.
- Released a consultation on the draft updated guidance to assist customers who don’t have standard identification. The guidance provides information about using a flexible, risk-based approach to customer identification to ensure that those with diverse backgrounds or facing challenging circumstances can access the financial services that they need, resulting in better financial inclusion.
United Kingdom
Financial Conduct Authority (FCA)
- Announced the release of a report from the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) on its 2023/2024 supervisory work. In this fifth report, OPBAS has found that while most Professional Body Supervisors (PBS) are complying with money laundering regulations, how they supervise is still not consistently effective.
Government
- Announced new sanctions on 10 vessels in Russia’s ‘shadow fleet’, a group of ships that use illicit practices to avoid sanctions on Russian oil.
United States
Financial Crimes Enforcement Network (FinCEN)
- Published a Beneficial Ownership Reporting Outreach and Education Toolkit. The toolkit includes general background on the reporting requirements, as well as templates for newsletters, websites, and emails; sample social media posts and images; and information on how to contact FinCEN.
Department of the Treasury (OFAC)
- Announced sanctions against networks enabling illicit trade that benefits IRGC-QF and Hizballah.
- Announced sanctions against a Cambodian tycoon and businesses linked to human trafficking and forced labour in furtherance of cyber and virtual currency scams.
Hong Kong
Hong Kong Monetary Authority (HKMA)
- Issued an article on the use of Artificial Intelligence for Monitoring of Suspicious Activities. The HKMA is encouraging AIs to enhance the monitoring and mitigation of AML risks while maximising the intelligence being shared within the industry.
Estate Agents Authority (EAA)
- Published an article on the AML responsibilities of Property Sales and Purchases, Estate Agents and Customers.
Singapore
Money Authority of Singapore (MAS)
- Issued a Notice on Temporary Restrictions in relation to the Provision of Cross-Border Money Transfer Services to the People’s Republic of China. This Notice requires licensees providing cross-border money transfer services to suspend the use of channels that are not specifically permitted when transmitting money to persons in the People’s Republic of China until further notice.
South Africa
Financial Intelligence Centre (FIC)
- Published its Annual Report for the financial year 1 Apr 2023 to 31 Mar 2024. The report outlines numerous legislative and regulatory developments that took place during the financial year, as well as the progress towards meeting the Financial Action Task Force (FATF) requirements to help South Africa exit the grey list.
Other Jurisdictions
No major updates this month.
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