August 2019

International

The global AML/CTF standard-setter, the Financial Action Task Force (FATF):

Updated its consolidated assessment ratings which provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance.
Published Morocco, Burkina Faso, Senegal, Republic of Haiti and Cabo Verde's measures to combat ML/TF and follow-up report to Bangladesh, Cambodia, Fiji and Myanmar's assessment of AML/CTF measures.

The Asia Pacific Group on Money Laundering (APG)

Published four APG Mutual Evaluation Follow-Up Reports for Bangladesh, Cambodia, Fiji and Myanmar.
Held APG’s 22nd annual meeting on Money Laundering in Canberra, Australia during the week of 18 – 23 August 2019. APG members adopted six significant mutual evaluation reports to be published in early October 2019. The meeting also addressed the concerns related to terrorist financing.

The Australian Transaction Reports and Analysis Centre (AUSTRAC):

Co-hosted the 22nd Annual Asia Pacific Group on Money Laundering (APG) in Canberra with Australia Federal Police. Delegates spent the week discussing ways to bolster regional efforts to combat money laundering and terrorism financing.
Launches campaign against illegal money transfer dealers. The campaign will see a series of town hall meetings held in Sydney, Melbourne, Perth and Brisbane to raise awareness of the community risks associated with unregistered money transfer dealers throughout September to November.

The Department of Internal Affairs (DIA):

New Zealand Police have arrested six people and seized millions in assets following a significant money laundering investigation in Auckland.

The Financial Markets Authority (FMA)

Published guidance on the use of expired passports as part of Customer Due Diligence procedures and how it relates to the Amended Identity Verification Code of Practice 2013 (‘the code’). The AML/CFT supervisors have determined that using an expired passport to verify a person’s name and date of birth may only be part of an exceptions handling procedure, and not in the ‘normal course of business’.

No major updates this month.

No major updates this month.

The Financial Conduct Authority (FCA):

Agreed an 18-month plan to implement Strong Customer Authentication (SCA) with the e-commerce industry of card issuers, payments firm and online retailers. From 14 September 2019, new European Union (EU) rules will start to apply that impact the way in which banks or payment services providers verify their customers identity and validate specific payment instructions. The new rule, SCA, are intended to enhance the security of payments and limit fraud during this authentication process.

No major updates this month.

The Financial Crimes Enforcement Network (FinCEN):

Launched its Global Investigations Division (GID), which will be responsible for implementing targeted investigation strategies rooted in FinCEN’s unique authorities under the Bank Secrecy Act (BSA) to combat illicit finance threats and related crimes, both domestically and internationally.
Issued advisory to alert financial institutions to illicit financial schemes and mechanisms related to the trafficking of fentanyl, fentanyl analogues, and other synthetic opioids, and to assist them in detecting and reporting related activity.

No major updates this month.