November 2018

International: Financial Action Task Force

The FATF released the follow-up report for Australia, which analyses Australia's progress in addressing the technical compliance deficiencies identified in the 2015 assessment by the FATF. The report also investigates whether the country has implemented new measures to meet the requirements of the FATF Recommendations that changed since its 2015 mutual evaluation. Besides, the Executive Secretary of the FATF spoke at the Counter-Terrorism Financing Summit in Bangkok, highlighting the importance of CTF as central to his organisation's work. He went on to discuss the three priority policy areas for the FATF under its US Presidency: effective implementation of CTF measures, virtual assets (including cryptocurrencies) and proliferation financing.

Australia

No major updates this month.

New Zealand

No major updates this month.

Hong Kong

No major updates this month.

Singapore

The Monetary Authority of Singapore revised its 'Notice on the Prevention of Money Laundering and Countering the Financing of Terrorism' as applicable to Capital Markets Intermediaries, including holders of a capital markets services licence and all registered fund management companies.

United Kingdom

Rob Gruppetta, Head of the Financial Crime Department of the UK Financial Conduct Authority, spoke on the role of his agency in working with the regulated sector to fight financial crime in an innovative fashion. An example of such innovation which was discussed was the application of machine learning algorithms to large financial datasets to identify areas of financial crime risk.

United States

No major update this month.