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AML / KYC
FATF Completes Phase One of Unintended Consequences Project
By Manesh Samtani | 29/10/2021
The FATF has published summary results from a stocktake to understand the unintended consequences that are occurring as a result of AML/CFT standards.
AML / KYC
FATF Issues New Report on Digitalisation of FIUs
By Editors | 28/10/2021
The report outlines how FIUs can benefit from the adoption of digital tools, including through improved data utility, analytical capacities, and STR management.
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.
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