FinCrime News - November 2024

International

The Financial Action Task Force (FATF)

• Published reports on progress in strengthening measures to tackle ML/TF for Côte d'Ivoire and South Africa.
• Published the Money Laundering National Risk Assessment Guidance. This guidance assists countries in conducting a money laundering NRA, drawing on insights from over 90 countries within the FATF Global Network.
• 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.

Australia

The Australian Transaction Reports and Analysis Centre (AUSTRAC)

• Announced the passage of the AML/CTF Amendment Bill 2024 by Parliament. The Bill will expand the AML/CTF regime to certain high-risk service providers, improve the effectiveness of the AML/CTF regime by making it simpler and clearer for businesses to comply with their obligations, and modernise the regime to reflect changing business structures, technologies and illicit financing methodologies.

United Kingdom

Financial Conduct Authority (FCA)

• Issued an updated version of its Financial Crime Guide, focusing on sanctions, proliferation financing, transaction monitoring, and cryptoasset businesses. 

Gambling Commission (GC)

• Published an AML Notice to inform licensees of changes to the requirements to hold a personal management licence (PML) coming into force on 29 Nov 2024. These requirements clarify and increase personal management licence (PML) coverage for certain regulated entities.

National Crime Agency

• Issued a new edition of its SARs Reporter Booklet. This document is produced by the UKFIU which has national responsibility for receiving, analysing and disseminating financial intelligence submitted through the SARs regime.

European Union

European Banking Authority (EBA)

• Published issued final guidance on the implementation of Union and national sanctions. The guidance, for the first time, sets common EU standards on the governance arrangements and the policies, procedures, and controls that financial institutions should have in place to comply with Union and national restrictive measures.

Gibraltar

Financial Services Commission

• Issued its AML/CFT/CPF Newsletter with a focus on the Insolvency Practitioner Sector. While the Gibraltar National Risk Assessment currently identifies the IP sector as lower risk for ML/TF/PF purposes, the sector may remain vulnerable to being used as a method to facilitate the movement of illicit activity.

United States

Financial Crimes Enforcement Network (FinCEN)

• Issued a request for comments on a proposed Form for compliance with the Residential Real Estate Rule. Comments must be received by 13 Jan 2025. The Residential Real Estate Rule, which will be effective on 1 Dec 2025, requires select real estate professionals to submit reports and keep records about certain high-risk, non-financed transfers of residential real property to specified legal entities and trusts. 

South Africa

Financial Intelligence Centre (FIC)

• Issued a new directive related to the travel rule for those accountable institutions that engage in crypto asset transfers. Directive 9 comes into effect on 30 April 2025. The “travel rule” is the term used to describe the application of the FATF's Recommendation 16 requirements regarding wire transfers or electronic funds transfers to the mechanism and context of crypto asset transfers.

Malaysia

Bank Negara Malaysia

• Released the Malaysia National Risk Assessment on Money Laundering and Terrorism Financing 2023 (NRA 2023). The NRA 2023 is Malaysia’s fifth national risk assessment. It includes an analysis of the transnational aspects of crimes and the flow of illegal proceeds. 

Cambodia

Financial Intelligence Unit

• Published its Semi Annual Report 2024. The Report highlights CAFIU's work to strengthen both domestic and international cooperation, increased staff training, and continued focus on analyzing the cash transaction reports and suspicious transaction reports.

Vietnam

The State Bank of Vietnam

• Issued Directive No. 05/CT-NHNN on strengthening money laundering risk management in the banking sector for the period of 2024-2028. This Directive aims at implementing Resolution No. 71/NQ-CP dated 15 May 2024 of the Government issuing the implementation plan following the national risk assessment on money laundering for the period of 2018-2022.

British Virgin Islands

Financial Investigation Agency

• Published Guidance on Effective Enhanced Customer Due Diligence Measures. This guidance reminds supervised entities that engaging with customers can expose them to ML, TF, and PF risks and that appropriate customer due diligence (CDD) measures, including enhanced customer due diligence (ECDD), should be employed to mitigate these risks and stresses the need to understand customers’ source of wealth and source of funds.  

Other Jurisdictions

No major updates this month.