Aggregated News From Investment Management Regulators

FATF

Iceland’s progress in strengthening measures to tackle money laundering and terrorist financing

Since the 2018 assessment of Iceland’s measures to tackle money laundering and terrorist financing, and its 2019 and 2020 follow-up reports, the country has taken a number of actions to strengthen its framework. Iceland has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2018, and was subject to increased monitoring between October 2019 and October 2020. In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since its last follow-up report, in November 2020. Consequently, to reflect Iceland’s progress, the FATF has now...

Japan’s measures to combat money laundering and terrorist financing

This news item was originally published by the The Financial Action Task Force (FATF). For more information, please see the Source Link.

Second 12 Month Review of Revised FATF Standards – Virtual Assets and VASPs

The FATF has completed a second 12-month review of the implementation of its revised Standards on virtual assets and virtual asset service providers. This comes two years after the FATF finalized amendments, which clearly placed anti-money laundering and counter-terrorism financing (AML/CFT) requirements on virtual assets and virtual asset service providers (VASPs). 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. The report finds that many jurisdictions have continued to make progress in...

Stocktake on Data Pooling, Collaborative Analytics and Data Protection

Technological advances in recent years allow financial institutions to analyse large amounts of structured and unstructured data more efficiently and identify patterns and trends more effectively. This report examines commercially available or emerging technologies that facilitate advanced AML/CFT analytics within regulated entities. It also looks at technologies that allow collaborative analytics between financial institutions, while respecting national and international data privacy and protection legal frameworks. Data pooling and collaborative analytics can help financial institutions better understand, assess and mitigate money laundering and terrorist financing risks. This will make it easier, more dynamic, effective and efficient to identify these activities. It can...

Opportunities and Challenges of New Technologies for AML/CFT

New technologies can improve the speed, quality and efficiency of measures to combat money laundering and terrorist financing. They can help financial institutions and supervisors, assess these risks in ways that are more accurate, timely and comprehensive. When implemented using a responsible and risk-based approach, new technologies and innovative products and services can also improve financial inclusion, bringing more people into the regulated financial system and thereby reinforcing the effectiveness of AML/CFT measures. This report identifies emerging and available technology-based solutions. The report highlights the necessary conditions, policies and practices that need to be in place to successfully use these...

Guidance on Proliferation Financing Risk Assessment and Mitigation

The FATF recently revised its Standards (R.1 and INR.1) to require countries, financial institutions, designated non-financial businesses and professions (DNFBPs) and virtual asset service providers (VASPs) to identify, assess, understand and mitigate their proliferation financing risks. The FATF Guidance on Proliferation Financing Risk Assessment and Mitigation will help countries, financial institutions, DNFBPs and VASPs effectively implement these new FATF requirements, introduced in October 2020. The Guidance, which builds on earlier engagement with stakeholders since 2018 and reflects the input from a public consultation in March 2021, explains how both public and private sectors should conduct risk assessments in the context of...

Money Laundering from Environmental Crime

Environmental crime – such as forestry crime, illegal mining and waste trafficking - is an extremely profitable criminal enterprise, generating billions in criminal gains each year. It fuels corruption, and converges with many other serious and organised crimes, such as tax fraud, drug trafficking and forced labour. This FATF Report identifies methods that criminals use to launder proceeds from environmental crime, but also tools that governments and private sector can apply to disrupt this activity. When properly implemented, the FATF Recommendations provide effective tools to go after these illicit financial flows. Environmental crime is a ‘low risk, high reward’ crime. Across many countries,...

FATF Plenary, June 2021

Under the German Presidency of Dr Marcus Pleyer, delegates representing 205 members of the Global Network and observer organisations including the International Monetary Fund, the United Nations and the Egmont Group of Financial Intelligence Units will take part in the virtual meeting of the FATF Plenary. During five days, they will discuss key issues to strengthen global action against the financial flows that fuel crime and terrorism. Delegates will discuss the assessments of Japan and South Africa’s measures to combat money laundering and terrorist financing. They will hear the progress made by some jurisdictions identified as presenting a risk to the...

Mexico’s progress in strengthening measures to tackle money laundering and terrorist financing

Since the 2018 assessment of Mexico’s measures to tackle money laundering and terrorist financing, the country has taken a number of actions to strengthen its framework. Mexico has been in an enhanced follow-up process following the adoption of its mutual evaluation in 2018 . In line with the FATF Procedures for mutual evaluations, the country has reported back to the FATF on the action it has taken since then. Consequently, to reflect Mexico’s progress, the FATF has now re-rated the country on the following Recommendations: 8 – Non-profit organisations, from partially compliant to largely compliant 10 – Customer due diligence, from partially compliant to largely...

New Zealand’s measures to combat money laundering and terrorist financing

The Financial Action Task Force (FATF) and the Asia-Pacific Group on Money Laundering (APG) assessed New Zealand's anti-money laundering and counter terrorist financing (AML/CFT) system. The report is a comprehensive review of the effectiveness of New Zealand’s measures and their compliance with the FATF Recommendations. This includes an assessment of New Zealand’s actions to address the risks emanating from UN and domestically designated terrorists and terrorist organisations. The report does not address the justification that led to the domestic designation of an entity as a terrorist or terrorist group or organisation. New Zealand’s measures to combat money laundering and terrorist...

Webinar on Risk-Based Supervision

Supervising the private sector’s efforts to combat money laundering Lessons learnt: moving from ticking boxes to mitigating risks Since 2012, addressing risks is at the centre of FATF’s requirements on anti-money laundering and counter-terrorist financing. The private sector and their public-sector supervisors are at the front-line of combatting illicit finance. But putting in place a risk-based supervision programme has its challenges. Hear from the authors of the FATF’s Risk-Based Supervision Guidance and learn more about assessing risks and applying that understanding to prioritise supervisors’ day-to-day work. Hear from the private sector and the financial inclusion community on what effective supervision means to them. ...

Marcus Pleyer speaks at Second G20 Finance Ministers and Central Bank Governors Meeting

This news item was originally published by the The Financial Action Task Force (FATF). For more information, please see the Press Release here:  Source Link.

Regulator Information

Recent Articles

Warning regarding the activities of an entity named Pinecone Tokenised Fund

The Commission de Surveillance du Secteur Financier (CSSF) warns the public of the activities of an entity named Pinecone Tokenised Fund which pretends to...

Deferred tax assets require recognition test

Insurers have to take account of deferred taxes when they prepare their Solvency II balance sheet.

Remittance Advice- B G Freight Shoppe India P Ltd. in the matter of Ram Minerals and Chemicals Ltd.

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

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