Following recent on-site reviews, the Swiss Financial Market Supervisory Authority (FINMA) has announced that many examined banks’ anti-money laundering and counter-terrorist financing (AML/CFT) risk analyses are deficient. The deficiencies, which include inadequately defined risk tolerances, could impede the banks’ability to […]
The UK’s Payment Systems Regulator (PSR) is conducting two consultations exploring when and how its authorized push payment (APP) requirements will apply when they come into force in 2024. According to Chris Hemsley, Managing Director at the PSR, “The two […]
The European Banking Authority (EBA) has released a report revealing notable progress in Europe’s international supervisory cooperation against financial crime. The regulator has also highlighted growth areas and several best practices to continue improving Europe’s anti-money laundering and counter-terrorist financing […]
His Majesty’s (HM) Treasury has proposed a cold-calling ban for all United Kingdom consumer financial products and services. According to the consultation paper, the interdiction would extend existing legislation that restricts unsolicited direct marketing. The proposed measures seek to disrupt […]
On March 17, 2023, the French Ministry of Economy introduced changes to the definition of politically exposed persons (PEPs) and, consequently, has expanded the scope of AML regulations. Although these modifications appear substantial, the adjustments made by the French government […]
The European Public Prosecutor’s Office (EPPO), the European Union’s independent prosecutor, has indicted eight individuals on charges related to a value-added tax (VAT) fraud scheme responsible for about €80 million in damages. The fraud is said to have been perpetrated […]
The UK government has proposed new rules for banks requiring more transparency with account closures. Under the proposal, banks would be required to delay account closures by 90 days and provide a notice to customers explaining why their account is […]
As of July 2023, the European Union’s (EU) proposed new anti-money laundering and countering the financing of terrorism (AML/CFT) framework is continuing to progress through legislative processes. Now under negotiation between the European Commission, Parliament, and Council, and with broad […]
On July 11, 2023, the European Banking Authority (EBA) published the findings from its 2022 review of the approaches taken by competent authorities (CAs) to tackling money laundering and terrorist financing (ML/TF) risks in the banking sector. While the report […]
Amid media reports that financial institutions are restricting the access of politically exposed persons (PEPs) and their associates to financial services, the UK government has ordered the Financial Conduct Authority (FCA) to review its PEPs risk management guidance. Indeed, per […]
On June 30, 2023, His Majesty’s Treasury (HM Treasury) released a consultation paper on the Reform of the Anti-Money Laundering and CounterTerrorism Financing Supervisory Regime. The consultation is part of a reform plan under the Economic Crime Plan (2023-2026). The […]
Authorities worldwide have made over six thousand arrests – including nearly 200 high-value targets – connected to the takedown of EncroChat, a communications platform favored by organized crime groups (OCGs). The arrests were made possible by a joint investigation team […]
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