Financial Action Task Force

AML / KYC

Doing What is Right: Financial Inclusion Needs Better Incentives

By Isabella Chase | 02/04/2020

Tools to enable financial inclusion exist, but without positive incentives to put these into practice barriers will remain, says RUSI’s Isabella Chase.

AML / KYC

FATF Encourages Technology Use to Address Covid-19 Challenges

By Editors | 01/04/2020

Criminals and terrorists may seek to exploit gaps and weaknesses in national AML/CFT systems, under the assumption that resources are focused elsewhere, the FATF says.

AML / KYC

Holding the Line on Ultimate Beneficial Ownership

By Manesh Samtani | 24/03/2020

Financial institutions need to ensure that UBO information on customers is complete and accurate, but this is only half the battle, says Refinitiv’s Phillip Malcolm.

AML / KYC

S. Korea Approves Revisions to Legal Framework for Crypto

By Editors | 18/03/2020

The revision bill was introduced last November, and passed on 5 March. The government has now approved the revision act at a cabinet meeting on 17 March.

AML / KYC

S. Korea Passes New Regulatory Framework for Crypto Sector

By Editors | 11/03/2020

The ‘Special Financial Information Law’ authorises Korean financial regulators to oversee the crypto industry and develop AML rules in line with the FATF recommendations.

AML / KYC

Philippine Lawmakers Warned of Urgent Need to Pass AML Reforms

By Editors | 08/03/2020

The AMLC has urged lawmakers to quickly pass legislative amendments to address AML/CTF deficiencies to avoid being grey- or black-listed by the FATF.

AML / KYC

FATF Issues Guidance Paper on Digital Identity Systems

By Editors | 07/03/2020

The guidance recommends a risk-based approach which relies on a set of assurance frameworks and technical standards for digital ID systems.

AML / KYC

Trade Misinvoicing a ‘Persistent Problem’ in Developing Countries

By Editors | 05/03/2020

Think tank Global Financial Integrity found $8.7tr in misinvoiced trade in the ten years from 2008 to 2017. Trade misinvoicing is one of the largest components of global illicit financial flows.

AML / KYC

AML Controls Are Ineffective at Stopping Crime, Says Policy Expert

By Manesh Samtani | 02/03/2020

Policy effectiveness expert Dr Ronald F Pol says the current anti-money laundering system only results in 0.1% of the proceeds of crime actually being seized.