September 2019

International

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

Met with The Duke of Cambridge on money laundering and illegal wildlife trafficking. They discussed how to build on this initiative by focusing the governments of the 205 FATF and FATF-Style Regional Bodies' member jurisdictions on tackling illegal wildlife trafficking by following the money.
Listed examples of published national risk assessments (NRAs) and regional risk assessments for money laundering and terrorist financing risks.
Updated its consolidated assessment ratings which provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance.
Updated its Private Sector Business Bulletin which highlights FATF’s decisions and new products that are particularly relevant.

No major updates this month.

The Australian Transaction Reports and Analysis Centre (AUSTRAC):

Developed new posters and materials for pubs and clubs to use, highlighting money laundering and financial crime risks faced by Electronic Gaming Machine (EGM) venues.
Issued a $252,000 infringement notice to Compass Global Holdings Pty Ltd for failing to report international funds transfers between 2018 and 2019. Entities regulated by AUSTRAC, such as money transfer dealers, banks and casinos, are required to submit International Funds Transfer Instruction (IFTI) reports to AUSTRAC on time.
Ordered the appointment of an external auditor to examine ongoing concerns in regard to PayPal Australia’s compliance with the AML/CTF Act.

The Department of Internal Affairs (DIA):

Filed civil proceedings against OTT Trading Group Limited, an Auckland-based money remitter, and MSI Group Limited, a Christchurch-based money remitter, under the AML/CFT Act for failing to meet their AML/CFT obligations. The Department also seeks injunctions against three individuals associated with these two companies to prevent them from providing services regulated by New Zealand’s anti-money laundering legislation in the future.

The Financial Conduct Authority (FCA):

Mr Baldwin was sentenced in his absence after he absconded from justice during his trial for money laundering in July 2017. The criminal property was laundered between October 2007 and November 2008 and represented the proceeds of a conspiracy to insider deal by Martyn Dodgson and Andrew Hind. Mr Baldwin used off-shore companies, bank accounts and false invoices to effect his money laundering.

The Gambling Commission:

A land-based casino (Silverbond Enterprises Limited) has received a £1.8m fine, an operator licence warning and had additional conditions added to its licence for social responsibility and money laundering failings.

The Hong Kong Monetary Authority (HKMA):

Published statements on FATF Mutual Evaluation Report of Hong Kong (For Authorized Institutions and Stored Value Facility Licensees).

The Insurance Authority (AI)

Published a new set of FAQs in relation to anti-money laundering and counter-terrorist financing to assist insurance institutions to have a better understanding of the relevant AML/CFT requirements.

No major updates this month.

No major updates this month.

No major updates this month.

The Financial Intelligence Centre (FIC):

Signed information exchange agreement with the South African Police Service (SAPS). This collaboration is intended to assist in: the identification of the proceeds of crime; money laundering; terrorism and financing of terrorist and related activities; and in the implementation of financial sanctions regarding resolutions adopted by the United Nations Security Council.
Calling for comment on:

SARB FATF EFT draft Directive 1 of 2019, which deals with industry-specific application of the requirements for processing electronic funds transfers in accordance with FATF Recommendation 16;
the FIC draft Guidance Note 102, which provides guidance on the conduct of accountable institutions relating to electronic funds transfer in South Africa; and
their joint consultation paper.