The European Commission has written a memo detailing further aspects of the European Union’s new Anti-Money Laundering Authority (AMLA), which is expected to be fully resourced by the end of 2025, with direct supervision established by 2026. While the memo […]
On May 16, 2023, UK Finance published its 2022 Annual Fraud Report detailing the extent of fraud in the country’s payments industry. The paper revealed that more than £1.2 billion was stolen by criminals through authorized and unauthorized fraud in […]
On May 3, 2023, the UK Government published its new fraud strategy, setting out over 50 measures to reduce fraud and cybercrime by 10 percent by 2025. The Home Office said the strategy would “establish a coordinated response from the […]
In a new report, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has set out a case for anti-money laundering supervisory reform to help professional body supervisors (PBSs) “achieve full and consistent effectiveness.” The report follows the government’s review […]
The Financial Conduct Authority (FCA) has introduced a new raft of measures for financial institutions to help them mitigate the risk of cash deposit channels being criminally abused for money laundering purposes. The new rules come in light of the […]
On April 17, 2023, the Wolfsberg Group issued updated guidelines and best practices for financial institutions (FIs) on developing, implementing, and maintaining an effective anti-bribery and corruption compliance (ABC) program. The guidance replaces the Group’s 2017 edition, updating the red […]
In a charter released by Westminster City Council on April 6, 2023, a new initiative has been launched to tackle London’s international reputation as a haven for money laundering. Supported by the New West End Company (NWEC), the Heart of […]
Would a greater focus on predicate offenses make the fight against money laundering more effective? Until recently, the focus for many financial institutions (FIs) has been on detecting money laundering and retrieving the proceeds of crime. And given that the […]
On March 30, 2023, the UK Government published its three-year economic crime plan. Building on the foundations of the previous strategy published in 2019, the updated report takes a “more comprehensive” approach to improve the effectiveness of UK money laundering […]
On March 23, the UK Financial Intelligence Unit (UKFIU) issued its second Suspicious Activity Reporting (SAR) Booklet of 2023. Published two or three times a year, the UKFIU’s SAR Reporter Booklets are produced in line with the National Crime Agency’s […]
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 […]
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 […]
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