International: Financial Action Task Force
The global AML/CTF standard-setter, the Financial Action Task Force ('FATF') reported on its ongoing work to fight money laundering and terrorist financing to the G20 Leaders' Summit in Argentina. The organisation also released the Mutual Evaluation Report for the UK. The report considered that the UK has a well-developed and robust regime to effectively combat money laundering and terrorist financing, but still needs to strengthen supervision of reporting entities and increase the resources of its financial intelligence unit. Third and specifically for the private sector, the FATF released a brief update which highlights the FATF’s latest decisions and publications that are particularly relevant to reporting entities.
Australia
The Australian regulator and Financial Intelligence Unit, AUSTRAC, provided a few regulatory updates.
- It cancelled the registrations of Ghadir Group Pty Ltd and Treasure Chest Trading Pty Ltd, both independent remittance providers in Sydney. These actions were taken in response to continued failures to comply with the Australian AML/CTF framework (including breaches of the prescribed reporting timeframes for filing international funds transfer instruction reports and threshold transaction reports).
- It released a risk assessment for the superannuation sector, following collaboration with the sector and industry bodies.
- AUSTRAC commenced a public consultation on draft amendments to the Australian AML/CTF Rules that relate to reducing the customer verification period for online gambling accounts. (Details for making a submission to AUSTRAC can be accessed via the following link.)
- The agency released a risk assessment for on-course bookmakers, following collaboration with the sector, state-based licensing bodies, industry associations and partner agencies.
New Zealand
As per the 'Phase 2' reforms, New Zealand's AML/CTF regime now applies to real estate agents and accountants.
Hong Kong
No major updates this month.
Singapore
No major updates this month.
United Kingdom
No major updates this month.
United States
The American regulator and Financial Intelligence Unit, the Financial Crimes Enforcement Network ('FinCEN') issued a joint statement with its regulatory partners to encourage banks and credit unions to take innovative approaches to combating money laundering, terrorist financing and other illicit financial threats. This statement is the result of a working group established by the US Department of the Treasury’s Office of Terrorism and Financial Intelligence and the American Federal depository institutions regulators. Also, FinCEN assessed a US$14.5 million civil money penalty against UBS Financial Services for, among other things, the latter’s failure to develop and implement an appropriate AML/CTF program and implement appropriate policies and procedures to ensure the detection and reporting of suspicious activity.
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