International
The Financial Action Task Force (FATF)
- Published reports on progress in strengthening measures to tackle ML/TF for Poland, Croatia, Monaco, Georgia, Oman, Nauru, Papua New Guinea, Argentina, Timor Leste, and the Marshall Islands.
- Issued an updated version of the Consolidated assessment ratings. This version provides 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.
Wolfsberg Group
- Published the following guidance: Payment Transparency - Roles and Responsibilities. The document provides an overview of the roles played by key actors in a payment chain. It also sets out their respective responsibilities to adhere to payment transparency standards across a sample of commonly observed payment flows and serves as a reference guide that can be used by all payment service providers, regulators, and standard setters.
Australia
The Australian Transaction Reports and Analysis Centre (AUSTRAC)
- Issued an article on top tips for completing the 2024 compliance report. Every year, regulated businesses must submit a compliance report to AUSTRAC. The 2024 report is due on 31 Mar 2025.
- Issued an article outlining key trends for regulatory activities in 2024. The article highlights areas of improvement by regulated entities - such as improvements in compliance culture - and also outlines areas for entities to focus on in 2025, including wider board oversight and involvement in compliance activities.
- Released a new e-learning module on quality reporting for suspicious matter reports (SMRs). This module will help submit good quality suspicious matter reports, adhere to best practices, and avoid common mistakes.
- Released a public consultation on the draft AML Rules which is based on the passage of the AML/CTF Amendment Bill 2024 in November 2024. The AML Rules will provide guidance and further detail for the obligations set out in the Act. This first round of public consultation is open until 14 Feb 2025. A second round of consultation will also be initiated in early 2025.
- Announced a crackdown on cryptocurrency ATM providers in Australia who don’t comply with the country’s anti-money laundering regime. AUSTRAC intelligence shows cryptocurrency poses a heightened money laundering risk and is increasingly being exploited for money laundering, scams and money mule activities.
United Kingdom
UK Government
- Issued updated guidance on the information sharing measures in the Economic Crime and Corporate Transparency Act 2023. These measures are in place to provide greater clarity and comfort to regulated firms to share relevant customer information, either directly or indirectly through a third-party intermediary. These new measures are voluntary.
- Released an updated version of the risk assessment for Trust or Company Service Providers (TCSP). This risk assessment is intended to help identify and assess the risks of money laundering, terrorist financing and proliferation financing to which businesses may be exposed.
- Announced its first use of the Treasury-led domestic counter-terrorism financial sanctions regime targeting Northern Ireland related terrorism.
- Published its 29th Issue of the SARS In Action Magazine. This issue takes a closer look at the work to combat human trafficking and how the financial sector can play a part in tackling it.
European Union
European Banking Authority (EBA)
- Published a report on the functioning of AML/CTF colleges in 2023. Colleges on AML/CTF have become more effective, but further progress is needed based on the EBA's findings.
- Published the findings from its fourth and final round of reviews of competent authorities’ approaches to tackling ML/TF risks in the banking sector. With this round, the EBA has now assessed all competent authorities that are responsible for the AML/CTF supervision in thirty EU/EEA member states.
- Issued a factsheet on Countering Terrorist Financing. It also summarises the EBA's approach to tackling TF, including the EBA’s ML/TF guidelines, which set out how financial institutions should identify, assess and mitigate the TF risks to which they are exposed.
- Released an article providing background on the ML/TF risks posed by the EU's crypto-asset sector and the evolution of the EU's regulatory landscape to counter these risks.
- Issued the latest edition of its EBA AML/CFT Newsletter. The newsletter summarised the work of the EBA for the year, including the launch of the new EU AML/CFT framework, which includes a single AML/CFT rulebook, a harmonised AML/CFT supervision framework, and a new EU AML/CFT Authority, AMLA.
Sweden
Financial Supervisory Authority (FI)
- Issued updated Q&A on reporting under the AML Act. The Q&A has been released in advance of the 2025 periodic reporting under the AML Act, as a number of new questions have arisen. This Q&A has been updated to respond to questions about periodic reporting.
United States
Department of the Treasury
- Published the Country Reports on Terrorism 2023. The report highlights that despite key counterterrorism successes, terrorist groups around the world remained resilient and determined. There was no change in the countries included on the list.
Hong Kong
Hong Kong Monetary Authority (HKMA)
- Released FAQs developed in conjunction with the Hong Kong Association of Banks. These FAQs aim to assist Authorized Institutions (AIs) regulated by the HKMA in understanding relevant AML/CFT requirements. AIs are expected to be fully conversant with these FAQs and to have regard to them in meeting their AML/CFT legal and regulatory obligations.
Thailand
Anti-Money Laundering Office (AMLO)
- Announced an amendment to the Counter-Terrorism and Proliferation of Weapons of Mass Destruction Financing Act (No. 2). The amendment outlines penalties for sanctions violations and provides more detail on freezing the assets of sanctioned individuals and entities.
Bank of Thailand
- Issued a joint statement with the Thai AMLO on Enhancing Policies and Operational Guidelines of Financial Institutions regarding transactions with high-risk countries and managing sanctions-related Risks.
South Africa
Financial Intelligence Centre (FIC)
- Released a draft version of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Bill, 2024 (Amendment Bill) for review and comment. The draft Amendment Bill seeks to strengthen the country’s AML/CFT system further by addressing
deficiencies in the legal framework, as identified during the remedial processes to
exit greylisting and improve technical compliance with Financial Action Task Force (FATF) Recommendations. - Issued a consultation feedback note relating to the draft public compliance communication 23A that provides guidance on the definition of and industry risks relating to credit providers. The draft PCC 23A was issued on 18 Dec 2024 for a second round of consultation.
British Virgin Islands
Financial Investigation Agency
- Issued guidance on filing of Beneficial Ownership Information under the Beneficial Ownership Regulations. The guidance includes information on how to determine beneficial ownership and outlines how to register a beneficial owner, including the filing deadlines for registration.
- Announced launch of its beneficial ownership register. As of 2 Jan 2025, the BVI Financial Services Commission (the Commission) will maintain a register of beneficial owners for all registered BVI Business Companies and Limited Partnerships.
- Issued guidance on ‘Beneficial Ownership Obligations under the AML Regulations and AMLTF Code of Practice.’ Details within the guidance provide in-depth context of beneficial ownership and control elements for companies, partnerships, trusts and other arrangements. They cover scenarios of direct and indirect ownership, as well as the risks that may exist in more complex ownership structures.
Other Jurisdictions
No major updates this month.
Comments
0 comments
Please sign in to leave a comment.