International
The Financial Action Task Force (FATF):
- Published the procedures for the FATF fourth round of AML/CFT mutual evaluations. The scope of the evaluations will involve two inter-related components for technical compliance and effectiveness.
- Published consolidated processes and procedures for mutual evaluations and follow-up. This is a set of core elements that apply to all AML/CFT, in accordance with the FATF 2013 Methodology.
- Published FATF's focus on virtual assets and how the FATF Standards apply to countries and virtual asset service providers.
- Hosted one of the first regional meetings on tackling the illegal wildlife trade as a financial crime, in Beijing, China. This is the first time that public and private sector representatives, including AML experts and wildlife experts, have come together to share experiences about detecting and combatting the financial flows linked to the illegal wildlife trade.
- Updated its consolidated assessment ratings which provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance.
Regional
No major updates this month.
Australia
The Australian Transaction Reports and Analysis Centre (AUSTRAC):
- Applied to the Federal Court of Australia for civil penalty orders against Westpac Banking Corporation. The civil penalty orders relate to systemic non-compliance with the AML/CTF Act. AUSTRAC alleges Westpac contravened the AML/CTF Act on over 23 million occasions.
- Attended the fifth Counter-Terrorism Financing (CTF) Summit in Manila, the Philippines. The 2019 CTF Summit continued to expand its scope beyond countering terrorist financing, and considered ways to address significant regional threats such as the abuse of new financial technologies, corruption in the region as well as victim-based crimes.
- Continued to strengthen international partnerships with latest Memorandum of Understanding (MoU) signing with Qatar, while attending the Counter-Terrorism Financing Summit in Manila, Philippines.
- The Fintel Alliance, an AUSTRAC initiative, has revealed its major operational results for 2018-19 in the fight against serious and organised crime.
- Detectives from the E-Crime Squad arrested a man as part of an investigation into unregistered cryptocurrency transactions under AML/CTF Act and Criminal Code Act.
New Zealand
The Department of Internal Affairs (DIA):
- The Reserve Bank of New Zealand is working closely with regulatory counterparts following an announcement about alleged systemic AML/CFT breaches by Westpac Banking Corporation in Australia.
- Inland Revenue published tax evasion, tax fraud and money laundering fact sheet which provides AML/CFT reporting entities with an understanding of the relationship between tax evasion and tax fraud and money laundering.
The Financial Markets Authority (FMA):
- Published territorial scope of the AML/CFT Act 2009 which is designed to help businesses determine whether they have obligations under the Act. The updated guideline clarifies the territorial scope of the Act for financial institutions and designated non-financial businesses or professions (DNFBPs) including law firms, accounting practices, trust and company service providers and real estate agents. If you are acting as a formation agent, or arranging nominees or trustees, in respect of New Zealand entities, you are providing that activity in New Zealand, even if the service is only provided to overseas persons and you will be considered a reporting entity.
- Published AML/CFT supervisory framework which sets out the shared objectives of the three AML/CFT supervisors in New Zealand. The changes made reflect the expansion of the AML/CFT legislation to include the new sectors and to ensure the document is up-to-date. This document gives an overview of:
- The four shared objectives of the supervisors
- The AML/CFT framework in New Zealand including the Act, the Supervisors, The National Co-Ordination Committee and the Sector Supervisors Forum;
- Regulations, exemptions, codes of practice and guidelines;
- Supervision, including supervisor functions, supervisor powers and guiding principles; and
- Compliance tools and techniques.
Hong Kong
No major updates this month.
Canada
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC):
- Updated its methods to verify the identity of an individual and confirm the existence of a corporation or an entity other than a corporation guidance. This document answers the following questions:
- What does it mean to verify the identity of an individual or to confirm the existence of a corporation or of an entity other than a corporation;
- How to verify the identity of an individual;
- How to use an affiliate, agent, or mandatary;
- How to identify a child;
- How to confirm the existence of a corporation or of an entity other than a corporation; and
- Restrictions on the use of personal information.
- Money Services Businesses (MSBs) that deal in virtual currency can now voluntarily register with FINTRAC in advance of June 1, 2020, when registration will be mandatory.
United Kingdom
No major updates this month.
Singapore
The Monetary Authority of Singapore (MAS):
- Published FAQ on MAS guidelines on prevention of money laundering and countering the financing of terrorism - direct general insurance business, reinsurance business, and direct life insurance business (accident & health policies).
United States
The Financial Crimes Enforcement Network (FinCEN):
- Published an advisory to inform financial institutions of updates to the FATF list of jurisdictions with strategic AML/CFT deficiencies. Financial institutions should be aware of these changes, which may affect their obligations and risk-based approaches with respect to these jurisdictions. The advisory also reminds financial institutions of the status of, and obligations involving, these jurisdictions, in particular the Democratic People’s Republic of Korea (DPRK) and Iran.
South Africa
No major updates this month.
Brunei
No major updates this month.
Barbados
No major updates this month.
European
No major updates this month.
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