Financial Action Task Force

AML / KYC

Binance Deploys New AML Solution Amid Regulatory Pressure

By Ranamita Chakraborty | 01/07/2021

Binance has deployed a new AML compliance solution in the face of a ban in the UK and warnings from Japanese and Thai regulators.

AML / KYC

FATF Issues Report on Racially Motivated Terrorism Financing

By Manesh Samtani | 01/07/2021

Most of the funding obtained by extreme right-wing groups comes from legal sources, such as donations, membership fees, and commercial activities.

AML / KYC

FATF Issues Guidance on Mitigating Proliferation Financing Risk

By Manesh Samtani | 29/06/2021

The guidance highlights the need for effective onboarding processes, ongoing monitoring, staff training, risk management, sanctions screening, and a strong compliance culture.

AML / KYC

Digital Identity: A Sound Model for Risk Mitigation

By Manesh Samtani | 29/06/2021

Lax attitudes towards security by consumers have made it increasingly important for banks to take advantage of digital identity systems and put in place robust security measures.

AML / KYC

New FATF Report Sounds Alarm Over Environmental Crime

By Manesh Samtani | 29/06/2021

The report highlights the use of trade-based fraud and shell companies by criminals to launder proceeds from environmental crime.

AML / KYC

FATF Plenary Packs Powerful Punch

By Manesh Samtani | 25/06/2021

The FATF finalised reports on technological innovation, environmental crime, and asset recovery. New guidance on PF risk and a white paper on beneficial ownership were also finalised.

AML / KYC

Australian Senate to Launch Inquiry into DNFBP Regulation

By Manesh Samtani | 24/06/2021

The inquiry will examine the impacts of bringing DNFBPs into scope under Australia’s AML/CTF regime, including AUSTRAC’s capacity to regulate 100,000 more entities.

AML / KYC

Philippine SEC Backs Amendments to Bank Secrecy Law

By Ranamita Chakraborty | 21/06/2021

Bank secrecy has prevented the SEC from validating information and establishing the owners of bank accounts linked to securities violations.

AML / KYC

FATF Framework Can Better Support Financial Inclusion: RUSI

By Manesh Samtani | 16/06/2021

There are insufficient incentives within the framework to ensure the FATF Standards are implemented in a way that supports inclusion.