FinCrime News - April 2025

International

The Financial Action Task Force (FATF)

• Published reports on progress in strengthening measures to tackle ML/TF for Senegal and Cameroon.
• Issued an updated version of the Consolidated Assessment Ratings, which 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)

• Issued a reminder to inactive digital currency exchange (DCE) businesses to voluntarily withdraw their registration or risk having it cancelled.

Singapore

Monetary Authority of Singapore (MAS)

• Released a Consultation Paper on the Proposed Amendments to the AML/CFT Notices for Financial Institutions and Variable Capital Companies. The closing date for comments was 8 May 2025.

United Kingdom

Gambling Commission

• Announced that casinos providing money service business activities must be registered with the HM Revenue & Customs (HMRC) under the AML/CFT Act. The Commission intends to enter into an agreement with HMRC under which the Commission will provide the necessary registration details directly to HMRC so that the licence holders this applies to will not have to apply directly to HMRC to be on the register.

Office of Financial Sanctions Implementation (OFSI)

• Announced amendments to the Syria sanctions regulations to help the people of Syria rebuild their country and economy following the fall of Assad. The amendments will remove UK restrictions on some sectors, including financial services and energy production in Syria.

Law Society of Scotland

• Announced updates to its AML compliance guidance for the legal sector. The amendments include the introduction of a new high-risk third country definition and details on the requirement for overseas entities wishing to buy, sell or transfer property or land in the UK to register with Companies House.

European Union

European Council 

• Announced the renewal of sanctions for the Republic of Moldova until 29 Apr 2026. EU restrictive measures were first introduced in April 2023 to target persons responsible for supporting or implementing actions which undermine or threaten its sovereignty and independence, as well as the country’s democracy, the rule of law, stability or security.
• Announced the renewal of sanctions for Myanmar until 30 April 2026. The decision was taken on the basis of the annual review of the restrictive measures and in view of the continuing situation in Myanmar, including actions undermining democracy, as well as serious human rights violations.

European Banking Authority 

• Issued a consultation on Regulatory Technical Standards, which aim to shape how institutions and supervisors comply with their AML/CFT obligations. Feedback must be submitted by 6 Jun 2025.
• Issued new draft Regulatory Technical Standards (RTS) that define when crypto-asset service providers (CASPs) have to appoint a central contact point and the roles and responsibilities of that central contact point.

France

The Autorité des Marchés Financiers (AMF)

• Announced it has implemented the guidelines of the European Banking Authority on restrictive measures for crypto-asset service providers.

Jersey 

Jersey Financial Services

• Announced the release of the first Proliferation Financing National Risk Assessment, concluding that the risk of Jersey being used as a conduit for proliferation financing is considered Medium-Low.

South Africa

Financial Intelligence Centre (FIC)

• Released a report on the inherent and residual risks of ML/TF facing crypto asset service providers (CASPs). The sector risk assessment report addresses the inherent and residual ML and TF risk factors for CASPs pertaining to their products, services, clients, transactions, delivery channels and geographical areas.

• Issued a reminder that Directive 9 relating to the travel rule for those accountable institutions that engage in crypto asset transfers came into effect on 30 April 2025. The travel rule relates to the transfer and/or receipt of crypto assets by accountable institutions for or on behalf of their customers, the information that must be provided alongside these transactions, and the related records that must be kept.

United States

Financial Crimes Enforcement Network (FinCEN)

• Announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate. The terms of the GTOs are effective beginning 15 Apr 2025 and ending on 9 Oct 2025.
• Issued an Advisory to assist financial institutions in identifying and reporting suspicious activity related to the financing of the Islamic State of Iraq and Syria (ISIS). The Advisory highlights how ISIS and its global affiliates fund themselves and receive financial support from sympathizers internationally and describes several typologies ISIS uses to transfer money between its affiliates.

British Virgin Islands

Financial Services Commission

• Published a Risk Assessment focused on the risks posed by legal persons and legal arrangements. The assessment breaks down these risks with the aim of assisting entities in understanding their risk exposure and helping authorities in the Virgin Islands ensure appropriate measures are adopted to mitigate against ML/TF/PF.

Argentina

Unidad de Información Financiera (UIF) 

• Issued Decree No. 274/2025, which modifies the AML/CFT Act. The modifications include recommendations from the FATF Mutual Evaluation, including a focus on developing other means and procedures to identify TF in addition to relying on reports of suspicious transactions for financing terrorism (SAR-FT).

Colombia

La Unidad de Información y Análisis Financiero (UIAF)

• Published a Sectoral Assessment of Terrorist Financing Risks for the Non-Profit Organization (NPO) sector.

Other Jurisdictions

No major updates this month.