International: Financial Action Task Force
The global AML/CTF standard-setter, the Financial Action Task Force ('FATF'), provided several updates:
- Updated the 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.
- Published February 2019 public statement which identifies jurisdictions with strategic deficiencies in AML/CFT measures. The FATF continues to calls on countries to apply counter-measures to the Democratic People's Republic of Korea. Iran will remain on the FATF Public Statement until the full Action Plan has been completed.
- Updated jurisdictions that have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF. Cambodia has been added to the list since it made a high-level political commitment to work with the FATF and APG to strengthen the effectiveness of its AML/CFT regime and address any related technical deficiencies. AML Accelerate has incorporated this into our country risk rating update in February.
- Discussed among other issues in FATF Plenary Outcomes (20-22 February 2019): combating the financing of terrorism, the Mutual Evaluation of China and Finland, regulation of virtual assets.
- Set out more detailed implementation requirements for effective regulation and supervision/monitoring of virtual asset services providers, in order to adequately mitigate the ML/TF risks associated with virtual asset activities.
- Public Consultation - The FATF is currently developing guidance to assist countries, competent authorities and professionals in the legal, accountancy and trust and company service providers sectors in the application of a risk-based approach (RBA) to AML/CFT. The guidance is intended to provide support both to the private sector and public authorities, by focusing on ML/TF risks and associated mitigation measures.
Regional
The government of Australia will host the 2019 APG annual meeting and technical assistance forum from 18 to 23 August 2019 in Canberra, Australia.
Australia
No major updates this month.
Reminder - Compliance Report 2018 is due 31 March 2019.
New Zealand
No major updates this month.
Hong Kong
The Hong Kong Monetary Authority ('HKMA') provided guidance on Remote on-boarding of individual customers. The HKMA expects that any technology solutions adopted by authorised institutions for remote on-boarding should be at least as robust as those performed face-to face, and cover the following two aspects: 1) identity authentication; 2) identity matching.
Singapore
No major updates this month.
United Kingdom
The Financial Conduct Authority ('FCA') published general standards and communication rules for the payment services and e-money sectors, which affect both the provision of payment services and e-money by credit institutions and the conduct of PIs, EMIs and RAISPs. Customers using payment services or e-money will also be affected.
Canada
The Financial Transactions and Reports Analysis Centre of Canada (‘FINTRAC’) launched a number of new tools aimed at better supporting Canadian businesses in meeting their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act).
The Canada Revenue Agency (‘CRA’) announced that it executed search warrants in the greater Montréal and Toronto areas, proceeded with restraint orders of proceeds of crime and laid tax evasion charges as part of a joint criminal investigation with the Royal Canadian Mounted Police (RCMP) targeting a money laundering and tax evasion scheme.
United States
No major updates this month.
South Africa
No major updates this month.
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