International
The Financial Action Task Force (FATF)
- Published the FATF Annual Report 2021-2022 which sets out the achievements of the FATF under the second year of the German Presidency of Dr. Marcus Pleyer on 30 Jan 2023.
- Released consolidated assessment ratings which provide an up-to-date overview of country ratings based on effectiveness and technical compliance on 31 Jan 2023. These should be read in conjunction with the detailed mutual evaluation reports for each country.
- Published a report on Botswana's progress in strengthening measures to tackle money laundering and terrorist financing on 31 Jan 2023. This follow-up report analyses the progress of Botswana in addressing the technical compliance deficiencies identified in its Mutual Evaluation Report.
- Published a report on Mauritius' progress in strengthening measures to tackle money laundering and terrorist financing on 31 Jan 2023. This report analyses Mauritius' progress in addressing the technical compliance deficiencies identified in its Mutual Evaluation Report.
- Published a report on Estonia's measures to combat money laundering and terrorist financing on 31 Jan 2023. The evaluation was based on information provided by the country, and information obtained by the evaluation team during its on-site visit to the country.
- Published a report on Monaco's measures to combat money laundering and terrorist financing on 31 Jan 2023. The report presents a comprehensive review of the effectiveness of the country's AML/CFT system and its level of compliance with the FATF 40 Recommendations as of the time of the on-site visit from 21 February to 4 March 2022.
- Published a report on Tanzania's progress in strengthening measures to tackle money laundering and terrorist financing on 30 Jan 2023. This follow-up report analyses Tanzania's progress in addressing the technical compliance deficiencies identified in its 2019 Mutual Evaluation Report.
- Published a report on Namibia's measures to combat money laundering and terrorist financing on 27 Jan 2023. The report was based on information provided by the country, and information obtained by the evaluation team during its on-site visit to the country.
- Published a report on Kenya's measures to combat money laundering and terrorist financing on 27 Jan 2023. This evaluation was based on the 2012 FATF Recommendations, and was prepared using the 2013 Methodology.
- Published a report on Suriname's measures to combat money laundering and terrorist financing on 27 Mar 2023. This evaluation was based on the 2012 FATF Recommendations, and was prepared using the 2013 Methodology.
- Published a report on Lithuania's progress in strengthening measures to tackle money laundering and terrorist financing on 26 Mar 2023. This follow-up report analyses Lithuania's progress in addressing the technical compliance deficiencies identified in its 2018 mutual evaluation report and ensuing follow-up reports.
- Published a report on Ecuador's measures to combat money laundering and terrorist financing on 20 Jan 2023. The report presents a comprehensive review of the effectiveness of the country's AML/CFT system and its level of compliance with the FATF 40 Recommendations as at the time of the on-site visit from 28 March 2022 to 8 April 2022.
- Published a report on Uganda's progress in strengthening measures to tackle money laundering and terrorist financing on 20 Jan 2023. This follow-up report analyses the progress Uganda made in addressing the technical compliance deficiencies identified in its 2015 mutual evaluation report and ensuing follow-up reports.
- Published a report on The Bahama's progress in strengthening measures to tackle money laundering and terrorist financing on 9 Jan 2023. This follow-up report analyses The Bahamas' progress in addressing certain technical compliance deficiencies which were identified in its Mutual Evaluation Report.
Australia
The Australian Transaction Reports and Analysis Centre (AUSTRAC)
- Released information concerning the requirement to submit the 2022 compliance report for regulated entities on 4 Jan 2023. The reports can be submitted from 1 January to 31 March 2023. The report covers important areas of anti-money laundering and counter-terrorism financing (AML/CTF) and helps AUSTRAC to understand how regulated entities have been complying with their obligations over the year, and where they may need additional support or guidance.
Canada
Financial Transactions and Reports Analysis Center of Canada (FINTRAC)
- Published a new operational alert that details money laundering indicators related to the illegal wildlife trade on 31 Jan 2023.
- Released a video that explains how to use the credit file method to verify the identity of a person, which is one of the 5 prescribed methods by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and associated Regulations on 26 Jan 2023.
United Kingdom
Financial Conduct Authority (FCA)
- Announced a fine against Al Rayan Bank PLC (Al Rayan) of £4,023,600 for failing to implement adequate anti-money laundering (AML) controls on 11 Jan 2023. Between 1 Apr 2015 and 30 Nov 2017, Al Rayan allowed money to pass through the bank and be used within the UK without carrying out appropriate checks.
- Announced a fine against Guaranty Trust Bank (UK) Limited (GT Bank) of £7,671,800 for serious weaknesses in its anti-money laundering (AML) systems and controls between Oct 2014 and Jul 2019 on 10 Jan 2023. During the relevant period, GT Bank failed to undertake adequate customer risk assessments, often not assessing or documenting the money laundering risks posed by its customers.
Gambling Commission
- Announced a £6.1m fine for online operator In Touch Games on 25 Jan 2023. An investigation revealed social responsibility and money laundering failings.
- Announced that gambling business TonyBet will pay a £442,750 penalty and receive a warning for failing to have fair and transparent terms, and for failing to follow social responsibility and anti-money laundering rules on 18 Jan 2023.
- Announced that Vivaro Limited will pay a £337,631 regulatory settlement following a series of failings on 17 Jan 2023. The settlement follows an investigation that highlighted failings in Vivaro Limited’s processes aimed at preventing money laundering and safer gambling.
United States
Financial Crimes Enforcement Network (FinCEN)
- Issued an order that identifies the virtual currency exchange Bitzlato Limited (Bitzlato) as a “primary money laundering concern” in connection with Russian illicit finance on 18 Jan 2023. The order prohibits certain transmittals of funds involving Bitzlato by any covered financial institution.
Hong Kong
Hong Kong Monetary Authority (HKMA)
- Announced disciplinary action against Westpac Banking Corporation, Hong Kong Branch for contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance on 31 Jan 2023. The Monetary Authority (MA) has imposed a fine of HK$4,000,000 against WBCHK based on a lack of controls and a delay in completing periodic reviews for some of its customers during the period between 1 Jun 2016 and 31 May 2017.
South Africa
Financial Intelligence Centre
- Announced the creation of a task force by the South African and United States governments aimed at advancing both countries’ efforts to combat the laundering of money generated from illegal wildlife trade on 26 Jan 2023.
- Announced updates to the FIC Act focused on electronic cross-border transactions and the introduction of a new reporting stream to the Financial Intelligence Centre (FIC), namely international funds transfer reports (IFTRs) on 25 Jan 2023.
- Announced the enactment of two key Acts of Parliament, designed to strengthen South Africa’s system of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) on 11 Jan 2023. These laws will strengthen the fight against corruption, fraud and terrorism, and also assist South Africa in meeting the international standards on AML/CFT, and reduce the prospect of greylisting by the Financial Action Task Force (FATF).
- Released draft Guidance Note 104A on international funds transfer reporting to the Financial Intelligence Centre in terms of section 31 of the Financial Intelligence Centre Act, 2001 on 18 Jan 2023.
Other Jurisdictions
No major updates this month.
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