The Financial Action Task Force (FATF)
- Updated the Consolidated Table of Assessment Ratings on 13 July 2021. An up-to-date 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 a follow-up report to Tajikistan's assessment of anti-money laundering and counter-terrorist financing measures on 13 Jul 2021. This follow-up report analyses the progress of Tajikistan in addressing the technical compliance deficiencies identified in its MER.
- Published a report summarizing the AML/CFT measures in place in Tanzania, Mozambique, and San Marino.
- Published the Second 12-Month Review of Revised FATF Standards - Virtual Assets and VASPs on 05 Jul 2021. This review looks at how jurisdictions and the private sector have implemented the revised Standards since the FATF’s first 12-month review. It also looks at changes in the typologies, risks and the market structure of the virtual assets sector.
- Published a report on Opportunities and Challenges of New Technologies for AML/CFT on 01 Jul 2021. This FATF report aims to increase awareness of and identify opportunities to leverage emerging and existing technology-based solutions. It identifies the conditions, policies and practices that can help support the development and adoption of new technologies that contribute to the efficiency and effectiveness of AML/CFT.
The Australian Transaction Reports and Analysis Centre (AUSTRAC)
- Released proposed amendments to the AML/CTF Rules for public consultation on 30 July 2021. The amendments add Chapters 79 and 80, and amend Chapters 21 and 48.
Federal Register of Legislation
The Department of Internal Affairs (DIA)
- Published factsheet on Birth Certificates with Redacted Information on 16 July 2021. The AML/CFT Supervisors have published a factsheet to clarify that some information may be redacted by a customer when a birth certificate is used for identity verification purposes under the Identity Verification Code of Practice.
- Published an explanatory note for Electronic Identity Verification Guideline on 16 July 2021. The guidelines include additional content about commonly used electronic sources in New Zealand and sets out the supervisors’ expectations when they review or inspect a reporting entity’s EIV procedures, policies, and controls.
- Published a risk assessment of the NZ to Pacific Islands money remittance sub-sector on 13 July 2021.
- Updated the regulation for nominee directors and nominee general partners on 13 July 2021. The update provides clarification on the obligation to undertake customer due diligence for nominee directors and nominee general partners.
- Updated the Sight unseen property purchases AML/CFT advisory on 7 July 2021. This update is to help reporting entities who are involved in real estate transactions understand money laundering and financing of terrorism (ML/FT) risks associated with sight unseen property purchases.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
- Published additional money laundering indicators associated with human trafficking for sexual exploitation on 30 July 2021.
- Imposed an administrative monetary penalty on Sokhom Ung, operating as Bureau de change Saint-Michel. This money services business in Montréal, Quebec, was imposed an administrative monetary penalty of $33,000 on June 10, 2021, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.
No major updates this month.
- Presented an ambitious package of legislative proposals on 20 July 2021 to strengthen the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules. The package harmonises AML/CFT rules across the EU. It also proposes the creation of a new EU authority to fight money laundering.
European Banking Authority
- Publishes its final guidelines on internal governance on 02 July 2021. The update takes into account the amendments introduced by CRD V and the IFD in relation to credit institutions’ governance arrangements, in particular with regard to gender diversity, money laundering, financing terrorist risk and the management of conflicts of interest, including in the context of loans and other transactions with members of the management body and their related parties. The final revised Guidelines will apply from 31 December 2021.
No major updates this month.
Securities and Futures Commission
- The United Nations Sanctions (Libya) Regulation 2019 (Amendment) Regulation 2021 (“Libya Amendment Regulation”), made under the United Nations Sanctions Ordinance (Cap. 537) (“UNSO”), was published in the Gazette (L.N. 111 of 2021) on 9 July 2021 with immediate effect.
Customs and Excise Department
- Detects its first case of suspected money laundering using virtual currency with $1.2 billion involved.
The Monetary Authority of Singapore (MAS)
- Published a consultation paper on proposed new AML/CFT Notice for Precious Stones and Precious Metals Activities on 09 July 2021. The consultation paper seeks views on MAS’ proposals to issue a new AML/CFT Notice for financial institutions in the conduct of their operations and business activities in precious stones, precious metals and precious products, as well as, to update MAS’ existing AML/CFT Notices.
- Revised PSN01AA Prevention of Money Laundering and Countering the Financing of Terrorism - Persons Providing Account Issuances Services who are Exempted under the Payment Services (Exemption for Specified Period) Regulations 2019.
No major updates this month.