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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 […]
Regulation
On March 20, 2023, the Monetary Authority of Singapore (MAS) announced that the Financial Services and Markets (Amended) Bill (FSM(A)B) moved into its first reading in parliament. The proposed amendments to this legislation will help create a regulatory framework for […]
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 […]
To deliver an effective, compliant fraud and anti-money laundering (AML) program, many firms decide to partner with a regulatory technology (RegTech) vendor. The vendor evaluation process often focuses on factors like the scope and quality of their data, ease of […]
On February 3, 2023, the Australian government published a consultation paper, exploring which elements of the cryptocurrency ecosystem require additional regulation. This paper follows a joint statement issued in August 2022 by Treasurer Jim Chalmers and Assistant Minister for Competition, […]
On January 26, 2023, the UK government signaled it would introduce amendments related to corporate criminal liability reform in the Economic Crime and Corporate Transparency Bill. During a debate in the House of Commons, numerous new clauses were considered for […]
When asked which area of their compliance function would be at risk in an audit, 48 percent – the highest proportion – told us it would be their knowledge of regulations. This blog explores the evolving anti-money laundering regulatory landscape, examining several global trends and themes in major economies.
The Assistant Secretary for Terrorist Financing and Financial Crimes at the US Treasury, Elizabeth Rosenberg, has addressed the need for additional regulatory clarity and more public-private engagement between the government and the virtual assets industry. Rosenberg’s remarks follow the end […]
From October 31 to November 1, 2022, the International Counter Ransomware Initiative (CRI) launched its second summit meeting to discuss the prevention of large-scale cyber attacks and money laundering via digital currencies. Present at the summit were representatives from 36 […]
On October 5, 2022, the Australian Transaction Reports and Analysis Centre (AUSTRAC) published guidance aimed at helping reporting entities identify and verify sources of funds and wealth as part of their know-your-customer (KYC) processes. The advice was drafted earlier this […]
On October 10, 2022, the European Parliament Committee on Economic and Monetary Affairs (ECON) endorsed the approved text for the Markets in Crypto-assets regulation (MiCA). While the bill’s main provisions were agreed upon in June, the approved text sets out […]