Following February’s plenary, the Financial Action Task Force (FATF) issued two new reports related to countering ransomware financing. One report analyzes the methods cybercriminals use to carry out attacks and the techniques they use to launder ransom payments, while the […]
On March 16, 2023, the Financial Conduct Authority (FCA) issued a “Dear CEO” letter to payments firms authorized or registered under the Payment Services Regulations 2017, and Electronic Money Regulations 2011. Spanning ten pages, the letter was authored by Matthew […]
On March 15, 2023, a bipartisan group of senators addressed a letter to the Director of the Financial Crimes Enforcement Network (FinCEN), urging the agency to amend certain aspects of its Notice of Proposed Rulemaking (NPRM) regarding beneficial ownership information […]
What’s happened? On March 16th, the Financial Conduct Authority (FCA) issued a “Dear CEO” letter to payments firms authorized or registered under the Payment Services Regulations 2017, and Electronic Money Regulations 2011. In it, Matthew Long, the FCA’s Director of […]
During a global gaming industry conference held in Sydney from March 6 to 10, the Australian Transaction Reports and Analysis Centre (AUSTRAC) announced the launch of a new specialist unit to combat the rising threat of money laundering in the […]
Following February’s plenary, the Financial Action Task Force (FATF) issued new guidance relating to beneficial ownership (BO) for legal persons. In addition to explaining how to identify, design, and implement appropriate measures to prevent the misuse of legal persons, the […]
The Federal Bureau of Investigation (FBI) has released its Internet Crime Report for 2022, revealing the top cybercrime types faced by US networks and the bureau’s efforts to combat rising threats. Based on information submitted to the Internet Crime Complaint […]
On March 6, 2023, Europol announced that a ransomware group behind 37 cyberattacks since 2019 has been dismantled by the German and Ukrainian Police. The gang perpetrated their attacks using DoppelPaymer ransomware, which has the ability to compromise defense mechanisms […]
In the first collective effort of its kind, on March 2, 2023, the Departments of Justice, Commerce, and the Treasury issued a joint compliance note on Russia-related sanctions and export control evasion. The practical guidance aims to inform the private […]
On March 3, 2023, the Monetary Authority of Singapore (MAS) issued a circular on money laundering and terrorist financing (ML/TF) in the wealth management sector. The guidance follows the launch of MAS’ Financial Services Industry Transformation Map (ITM) 2025, which […]
The second Financial Action Task Force (FATF) plenary under the two-year Singapore Presidency of T. Raja Kumar took place at the FATF headquarters in Paris on February 22-24, 2023. In attendance were delegates from over 200 jurisdictions of the Global […]
On February 22-24, the second Financial Action Task Force (FATF) plenary under the two-year Singapore Presidency of T. Raja Kumar took place. A core focus was the increasing scale and number of ransomware attacks, particularly highlighting the misuse of virtual […]
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