FinCrime News - February 2023

International

The Financial Action Task Force (FATF)

• Published a report on money laundering and terrorist financing in the art and antiquities market on 27 Feb 2023. The report includes a list of risk indicators that can help public and private sector entities identify suspicious activities in the art and antiquities markets, and also highlights the importance of rapidly identifying and tracing cultural objects involved in money laundering or terrorist financing.
• Released the list of jurisdictions under increased monitoring, also known as the "grey list", on 24 Feb 2023. Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. Nigeria and South Africa have been added to the list, and Cambodia and Morocco have been removed.
• Released the list of high-risk jurisdictions subject to a call for action, also known as the "black list", on 24 Feb 2023. The Democratic People's Republic of Korea and Iran remain on the list. Myanmar also continues to be subject to a FATF call on its members and other jurisdictions to apply enhanced due diligence measures proportionate to the risks arising from the jurisdiction
• Announced the suspension of the membership of the Russian Federation on 24 Feb 2023. The suspension is a reaction to the Russian Federation’s actions in Ukraine. The Russian Federation will remain a part of the Global Network as an active member of the Eurasian Group on Combating Money Laundering (EAG) and retain its rights as an EAG member.
• Released outcomes from the FATF Plenary held from 22-24 Feb 2023. Delegates from over 200 jurisdictions of the Global Network participated in these discussions at the FATF headquarters in Paris.
• Published the Consolidated Assessment Ratings on 20 Feb 2023. Consolidated Assessment Ratings provide 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 report on Norway's progress in strengthening measures to tackle money laundering and terrorist financing on 20 Feb 2023. This follow-up report analyses Norway's progress in addressing the technical compliance deficiencies identified in its 2014 Mutual Evaluation.
• Published a report on Hong Kong, China's progress in strengthening measures to tackle money laundering and terrorist financing on 17 Feb 2023. This follow-up report analyses Hong Kong, China's progress in addressing the technical compliance deficiencies identified in its 2019 Mutual Evaluation.
• Published a report on Costa Rica's progress in strengthening measures to tackle money laundering and terrorist financing on 14 Feb 2023. This follow-up report analyses the progress Costa Rica made in addressing the technical compliance deficiencies identified in its Mutual Evaluation Report.
• Published a report on Colombia's progress in strengthening measures to tackle money laundering and terrorist financing on 14 Feb 2023. This follow-up report analyses the progress Colombia made in addressing the technical compliance deficiencies identified in its Mutual Evaluation Report.
  

Australia

The Australian Transaction Reports and Analysis Centre (AUSTRAC)

• Announced the acceptance of an enforceable undertaking (EU) from Cash Converters to uplift its compliance with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws on 21 Feb 2023. The EU comes after an investigation identified concerns with Cash Converters’ AML/CTF program, including that it was not properly implemented and did not include sufficient detail on important components such as transaction monitoring and customer due diligence.
• Announced the deepening of ties with the United Kingdom through the signing of the Memoranda of Understanding with two British regulators on 18 Feb 2023. The agreement will enhance engagement on regulatory issues, including exchanging regulatory information and improving shared understanding of emerging trends, risks, and the compliance of businesses that operate in both the UK and Australia.
• Published targeted financial sanctions and travel bans on individuals responsible for egregious human rights abuses in Myanmar, as well as sanctions on entities enabling the repression of its people on 1 Feb 2023. 

Canada

Financial Transactions and Reports Analysis Center of Canada (FINTRAC)

• Published an update to existing guidance on methods to verify the identity of persons and entities on 22 Feb 2023. A new section entitled “How to verify the identity of a person who does not have any identity verification documentation or information for a retail deposit account” was added.
• Released an invitation to comment on the proposed regulations related to the Proceeds of Crime (Money Laundering and Terrorist Financing Act published in the Canada Gazette (Part I, Volume 157, Number 7) on 20 Feb 2023. Comments are due by 20 Mar 2023.

United Kindom

Gambling Commission (GC)

• Announced that Blue Star Planet Limited, trading as 10Bet, will pay £620,000 after a Commission investigation revealed social responsibility and anti-money laundering failures. The operator – which runs 10bet.co.uk – will pay the money as part of a settlement with the Commission.

Hong Kong

Hong Kong Monetary Authority (HKMA)

• Published an updated version of "Guidance Paper on Transaction Monitoring, Screening and Suspicious Transaction Reporting" on 9 Feb 2023. The updated guidance paper is part of the HKMA’s ongoing efforts to support changes that authorised institutions are making to improve the effectiveness and efficiency of transaction monitoring, screening and suspicious transaction reporting.

Singapore

Money Authority of Singapore (MAS)

• Published the Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Wholesale Banks and Full Banks on 2 Feb 2023. This Compliance Toolkit aims to guide and facilitate wholesale banks’ and full banks’ understanding and compliance with the various MAS approval, notification, and reporting requirements and timelines.

Other Jurisdictions

No major updates this month.