The Financial Action Task Force (FATF)
- Published reports on progress in strengthening measures to tackle money laundering and terrorist financing for:
Asia / Pacific Group (APG)
- Published a report on Financing and Facilitation of FTFs and Returnees in Southeast Asia on 13 Jan. The recently completed joint APG and Global Center on Cooperative Security typologies report, ‘Financing and Facilitation of Foreign Terrorist Fighters and Returnees in Southeast Asia’, has been published.
No major updates this month.
Financial Market Authority (FMA)
- Published its 2021 annual report on 27 Jan. This is the FMA’s annual report for the year to June 2021.
Financial Transactions and Reports Analysis Center of Canada (FINTRAC)
- Announced it has imposed an administrative monetary penalty on Libro Credit Union Limited, also operating as Libro Credit Union. This credit union in London, Ontario, was imposed an administrative monetary penalty of $156,750 on October 12, 2021, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.
- Announced it is hosting its first National Real Estate AML/ATF Virtual Forum designed for professionals in the real estate sector.
- Announced licence suspension and £3.8m fine for Genesis Global Limited on 27 January 2022. Britain’s gambling industry is being warned that the Commission ‘will use all tools at its disposal to ensure consumer safety’ following enforcement action involving suspending an online casino from operating and then fining it £3.8m.
- Announced online gambling businesses face regulatory action on 20 January 2022. Two online casinos will pay a total of £1.3m after Gambling Commission investigations revealed social responsibility failures at the businesses.
Law Society of Scotland
- Announced renewed partnership with Amiqus on 19th January. The renewed partnership with the Law Society of Scotland will see Leith-headquartered tech firm Amiqus continue to support Scottish solicitors in meeting anti-money laundering compliance requirements through use of their technology, while simultaneously engaging in research and development to improve access to legal services.
European Banking Authority (EBA)
- Published a report titled Opinion of the European Banking Authority on ‘de-risking’ on 05 Jan.
- Published an alert on its Opinion on the scale and impact of de-risking in the EU and the steps competent authorities should take to tackle unwarranted de-risking.
- Announced its launch of 'EuReCA', the EU's central database for anti-money laundering and counter-terrorism financing on 31 Jan. This European reporting System for material CFT/AML weaknesses, EuReCA, will be central to coordinating efforts by competent authorities and the EBA to prevent and counter money laundering and terrorist financing (ML/TF) risks in the Union.
Financial Crimes Enforcement Network (FinCEN)
- Issued a proposed rule for Suspicious Activity Report sharing pilot program to combat illicit finance risks on 24 Jan. The Notice of Proposed Rulemaking (NPRM) proposes and solicits public comment on the establishment of a limited-duration pilot program for sharing suspicious activity reports (SARs), in accordance with Section 6212 of the Anti-Money Laundering Act of 2020.
- Announced the launch of the Digital Identity Tech Sprint on 11 Jan. The Federal Deposit Insurance Corporation (FDIC) and the Financial Crimes Enforcement Network (FinCEN) today announced a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person. Through the Tech Sprint, FDIC’s tech lab (FDITECH) and FinCEN seek to increase efficiency and account security; reduce fraud and other forms of identity-related crime, money laundering, and terrorist financing; and foster customer confidence in the digital banking environment.
Department of the Treasury (OFAC)
- Announced sanctions of regime officials and military-affiliated cronies in Burma on the one-year anniversary of the military coup. On the one-year anniversary of the brutal military coup d’etat of Burma’s democratically elected government, OFAC is designating seven individuals and two entities connected to Burma’s military regime. These designations are part of joint action with the United Kingdom and Canada, who are each designating two Burmese government officials.
- Published new business advisory on the heightened risk of doing business in Burma on 26 Jan. The U.S. Department of the Treasury joined the Departments of State, Commerce, Homeland Security, Labor, and the Office of the U.S. Trade Representative in issuing a business advisory to inform the public of the heightened risks associated with doing business in Burma, particularly business involving the military regime.
- Announced Sanctions of the international Hizballah network on 21 Jan. The OFAC designated Hizballah-affiliated financial facilitator Adnan Ayad, as well as members of an international network of facilitators and companies connected to him and to Adel Diab, Adnan Ayad’s business partner and fellow Hizballah financier who was designated by OFAC on January 18, 2022.
- Announced sanctions of Russian-backed actors responsible for destabilization activities in Ukraine on 20 Jan. OFAC sanctioned four individuals engaged in Russian government-directed influence activities to destabilize Ukraine. This is the latest action we have taken to target purveyors of Russian disinformation, including designations in April 2021.
- Announced sanctions of Hizballah financiers in Lebanon on 18 Jan. OFAC designated three Hizballah-linked financial facilitators and their Lebanon-based travel company. This action comes at a time in which the Lebanese economy faces an unprecedented crisis and Hizballah, as part of Lebanon’s government, is blocking economic reforms and inhibiting much-needed change for the Lebanese people.
- Announced it is targeting Democratic People’s Republic of Korea individuals supporting weapons of mass destruction and ballistic missile programs on 12 Jan. OFAC designated five Democratic People’s Republic of Korea (DPRK) individuals responsible for procuring goods for the DPRK’s weapons of mass destruction (WMD) and ballistic missile-related programs.
- Announced sanctions of six Nicaraguan officials ahead of Ortega-Murillo sham inauguration on 10 Jan. OFAC designated six officials of the Government of Nicaragua. President Daniel Ortega and Vice President Rosario Murillo are scheduled to be inaugurated today following fraudulent national elections orchestrated by their regime in November, further consolidating their control of power to the detriment of the Nicaraguan people. Treasury is taking this action along with the European Union, which also adopted sanctions today related to the Ortega-Murillo regime’s ongoing abuses.
- Announced sanctions of Milorad Dodik and associated media platform for destabilizing and corrupt activity on 05 Jan. Dodik’s Destabilizing and Corrupt Activities Undermine 26 years of Progress Since the Dayton Peace Accords. OFAC designated Milorad Dodik (Dodik), who is a member of the Presidency of Bosnia and Herzegovina (BiH), as well as one entity under his control, Alternativna Televizija d.o.o. Banja Luka, in response to Dodik’s corrupt activities and continued threats to the stability and territorial integrity of BiH.
Hong Kong Monetary Authority (HKMA)
- Announced disciplinary action against 33 Financial Services Limited for contravention of the Payment Systems and Stored Value Facilities Ordinance on 14 Jan. The Monetary Authority (MA) has reprimanded and ordered 33FS to pay a pecuniary penalty of HK$875,000 for contravening section 8Q of the PSSVFO as it failed to fulfil the minimum criterion relating to anti-money laundering and counter-terrorist financing measures.
Securities and Futures Commission (SFC)
- Issued a circular to licensed corporations and associated entities on 31 Jan: United Nations Sanctions (Libya).
- Issued a circular to licensed corporations and associated entities on 27 Jan: Updated AML/CFT Self-Assessment Checklist.
- Issued a circular to licensed corporations and associated entities: Early Alert on United Nations Sanctions for ISIL (Da’esh) and Al-Qaida.
- Issued a circular to licensed corporations and associated entities on 03 Jan: (1) United Nations Anti-Terrorism Measures Ordinance and (2) United Nations Sanctions (ISIL and Al-Qaida).
Insurance Authority (IA)
- Published an updated list of relevant persons and entities under the United Nations Sanctions (Libya) Regulation 2019 on 31 Jan.
- Published updated United Nations (Anti-Terrorism Measures) Ordinance.
- Published and updated a list of relevant persons and entities under the United Nations Sanctions (ISIL and AI-Qaida) Regulation.
Money Authority of Singapore (MAS)
- Announced it penalised Vistra Trust $1.1 Million for failures in anti-money laundering controls on 20 January. The Monetary Authority of Singapore (MAS) imposed a composition penalty of S$1.1 million on Vistra Trust (Singapore) Pte. Limited (VTSPL) for its failures to comply with MAS’ Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements.
No major updates this month.
No major updates this month.