FinCrime News - May 2025

International

The Financial Action Task Force (FATF)

• Published a report on progress in strengthening measures to tackle ML/TF for Indonesia. 
• 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.

United Nations Security Council

• Announced a one-year extension on the sanctions regime imposed on South Sudan. The sanctions regime includes asset freezes, travel bans and an arms embargo.

Australia

The Australian Transaction Reports and Analysis Centre (AUSTRAC)

• Issued a second public consultation on the new AML/CTF Rules. The deadline for feedback is 27 Jun 2025.

New Zealand

Department of Internal Affairs 

• Issued new guidance for implementing new customer risk-rating requirements. Effective from 1 June 2025, reporting entities must keep a record of the customer's risk rating, review the rating when conducting ongoing customer due diligence and account monitoring, and should update the rating where appropriate.
• Issued new guidance for online marketplaces to assist in determining whether they are subject to AML/CFT requirements.
• Released an updated AML/CFT Audit Guideline. The updated guideline includes minor changes to clarify audit timeframes and provide further guidance on what is considered “independent” and “appropriately qualified” when selecting an auditor.
• Issued new guidance for Stored Value Instruments (SVIs). This guidance has been developed for financial institutions that issue Stored Value Instruments (SVIs) and/or manage the means of payment associated with them.

United Kingdom

Government

• Announced a new round of major sanctions in support of Ukraine. This round includes 100 new sanctions targets across the Russian military, energy, financial sectors and those conducting Putin’s information war against Ukraine. 
• Announced new sanctions imposed against individuals, illegal settler outposts and organisations supporting violence against Palestinian communities in the West Bank.

National Crime Agency 

• Issued the May 2025 SARS Reporter Booklet. This booklet contains a summary of feedback from law enforcement agencies (LEAs) on their use of Suspicious Activity Reports (SARs).

Cyprus 

Central Bank of Cyprus 

• Published the Prevention of Money Laundering and Terrorist Financing Directive of 2025. The Directive includes simplification of due diligence for low risk customers as well as allows regulated entities to update information on customers at a frequency reflective of their risk level. 

United States

Department of State

• Announced immediate sanctions relief for Syria. This relief authorises transactions prohibited by the Syrian Sanctions Regulations, effectively lifting sanctions on Syria. This is just one part of a broader U.S. government effort to remove the full architecture of sanctions imposed on Syria due to the Bashar al-Assad regime.
  Note: The removal of US Sanctions does not impact Syria's Country Risk Rating due to sanctions from other countries; it remains Restricted.  

India

Reserve Bank of India 

• Issued a draft circular on periodic updation of KYC in response to feedback regarding challenges faced by customers in periodic updation of their KYC.

Other Jurisdictions

No major updates this month.