Financial Action Task Force

AML / KYC

FATF Concludes Plenary, Finalises Work in Key Areas

By Manesh Samtani | 23/10/2021

The FATF will issue updated guidance for VASPs next week. A statement on Afghanistan was released. Beneficial ownership and cross-border payments also in focus.

AML / KYC

Inconsistent AML Approaches Cause Cross-border Payment Frictions

By Editors | 23/10/2021

The FATF says inconsistent implementation of AML/CFT requirements increases cost, reduces speed, limits access and reduces transparency in cross-border payments.

AML / KYC

Australia Senate Report Proposes New Crypto Licensing Regime

By Manesh Samtani | 21/10/2021

The committee recommends a new category of market licence be created for crypto exchanges and a new company structure for DeFi platforms.

AML / KYC

FATF Keeps Pakistan on Grey List with 4 Action Items Outstanding

By Editors | 21/10/2021

Marcus Pleyer said “there is no discussion on blacklisting Pakistan” as its government has demonstrated a “clear commitment” and is cooperating with the FATF.

AML / KYC

FATF Addresses Pandora Papers With New BO Requirements

By Manesh Samtani | 21/10/2021

The FATF proposes countries be required to assess the AML/CTF risks associated with foreign-created legal persons, and take steps to manage and mitigate them.

AML / KYC

India, US Pledge to Take Stronger Action Against Financial Crime

By Editors | 20/10/2021

Indian finance minister Nirmala Sitharaman and US treasury secretary Janet Yellen also pledged to further engage on climate change.

Enforcement

FATF Re-rates China on Six Recommendations

By Manesh Samtani | 10/10/2021

The FATF acknowledges work underway to revise China’s AML laws to bring DNFBPs into scope and set a foundation for a new beneficial ownership regime.

AML / KYC

New Zealand Consults on Broad Changes to AML/CFT Act

By Manesh Samtani | 07/10/2021

Changes being considered include the introduction of a new registration regime for all AML/CFT businesses, a licensing regime for VASPs, and direct penalties for senior managers.

Big Picture

Lack of Crypto Regulation Presents Financial Stability Risk: IMF

By Mark Johnston | 05/10/2021

The IMF says more coordination among national regulators is needed to ensure effective enforcement, reduce regulatory arbitrage, and enhance monitoring of the crypto ecosystem.