FinCrime News - June 2025

International

The Financial Action Task Force (FATF)

• Published new guidance on Financial Inclusion and AML/CFT Measures. The guidance follows the strengthening of Recommendation 1 of the FATF Standards earlier this year to reinforce the expectation that AML/CFT/CPF controls must be implemented through a proportionate and risk-based approach, and to encourage countries to promote financial inclusion.
• Published a report that highlights major gaps in the global response to Proliferation Financing and Sanctions Evasion. The report underscores that unless both the public and private sectors urgently bolster technical compliance and effectiveness, those seeking to finance WMD proliferation will continue to exploit weaknesses in existing controls.
• Issued an update to the FATF Standards on Recommendation 16 on Payment Transparency. The changes to Recommendation 16 of the FATF Standards, also referred to as the 'Travel Rule' in the context of virtual assets, were agreed by members at the FATF's June 2025 Plenary meeting.
• Issued an updated list of the Jurisdictions under Increased Monitoring, also referred to as the "grey list." Croatia, Mali and Tanzania were removed from the list while Bolivia and the Virgin Islands (UK) have been added.
• Published the latest list of High-Risk Jurisdictions subject to a Call for Action. The list remains unchanged and includes the Democratic People's Republic of Korea (DPRK) and Iran. It also lists Myanmar as a jurisdiction subject to a FATF call on its members and other jurisdictions to apply enhanced due diligence measures proportionate to the risks arising from the jurisdiction.

Australia

Department of Foreign Affairs and Trade

• Issued ten new guidance and advisory notes to assist regulated entities in different sectors in understanding their sanctions obligations. The following sectors are included in the guidance or advisory notes: maritime, remittance service providers, Fintech and DeFi, low risk sectors, and the information technology sector. 

Canada

Government

• Released a draft of The Strong Borders Act which proposes amendments to the AML/CFT Act to: strengthen AML supervision, compliance, and enforcement, including through increased civil and criminal penalties; new restrictions on large cash transactions and third party cash deposits; and permit disclosures from the FINTRAC to the Office of the Commissioner of Canada Elections. 

United Kingdom

Office of Financial Sanctions Implementation (OFSI)

• Issued an assessment on sanctions compliance in the Art Market Participants and High Value Goods sector. This assessment provides information on suspected sanctions breaches only and is intended to assist regulated entities with prioritisation as part of a risk-based approach to compliance.

European Union

European Commission  

• Announced updates to its list of high‑risk jurisdictions presenting strategic deficiencies in their AML/CFT regimes. EU entities covered by the AML framework are required to apply enhanced vigilance in transactions involving these countries. A number of third‑country jurisdictions were added to the list (Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela), while other jurisdictions were delisted (Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates).

Jersey

Jersey Financial Services Commission

• Published a consultation on enhancements to its AML/CFT/CPF Handbook. The changes focus on improving the clarity and usability of its guidance, as well as the inclusion of recommended actions from the MONEYVAL Mutual Evaluation Report.  

Malta

Financial Intelligence Analysis Unit

• Published its 2024 Annual Report, offering a comprehensive overview of its operations, achievements, and strategic progress over the past year.

United States

Financial Crimes Enforcement Network (FINCEN)

• Issued an advisory highlighting Iranian Oil Smuggling, Shadow Banking, and Weapons Procurement Typologies. 

Argentina

Unidad de Información Financiera (UIF) 

• Issued UIF Resolution No. 78/2025, which establishes increased thresholds for cash deposits, vehicle registration, real estate registration, and notaries.

India

Reserve Bank of India 

• Issued an amendment to periodic updation of KYC requirements in response to feedback regarding challenges faced by customers in the periodic updation of their KYC.

Singapore

Monetary Authority of Singapore

• Released a notice to Trustee-Managers on Prevention of ML/TF. The notice includes requirements for trustee-managers, including disclosure of trustee status and record-keeping.

Other Jurisdictions

No major updates this month.