The Bangko Sentral ng Pilipinas (BSP) has released a draft circular outlining proposed amendments to the country’s money laundering (ML), terrorist financing (TF), and proliferation financing (PF) risk reporting and notification requirements for banks and non-bank financial institutions. The BSP […]
On January 5, 2023, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a joint action with the Turkish Ministry of Treasury and Finance against two entities and four individuals with ties to the Islamic State […]
On December 7, 2022, the Legislative Council of Hong Kong passed an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) that introduces a licensing regime for virtual asset service providers (VASPs). According to the Secretary for Financial Services […]
On December 7, 2022, the US Senate voted not to include the Establishing New Authorities for Businesses Laundering and Enabling Risks to Security (ENABLERS) Act in the 2023 defense budget. Initially introduced by a group of bipartisan lawmakers following the […]
On December 14, 2022, the Australian Transaction Reports and Analysis Centre (AUSTRAC) published the country’s inaugural national proliferation financing risk assessment. Aimed at strengthening national and global efforts to combat this criminal activity, the risk assessment combines knowledge from multiple […]
On December 7, 2022, the Australian Transaction Reports and Analysis Centre (AUSTRAC) commenced civil penalty proceedings against major Australian casino operator SkyCity Adelaide for alleged “serious and systemic non-compliance” with Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regulations. Its enforcement […]
On November 30, 2022, the Financial Action Task Force (FATF) issued its inaugural report on money laundering from fentanyl and synthetic opioids. Co-led by the US and Canada, the report includes recommendations for prosecutors and law enforcement authorities on countering […]
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 […]
On November 15, 2022, the US-China Economic and Security Review Commission (USCC) released its annual report to Congress. Among the report’s concluding recommendations, the committee proposed creating a cross-agency body tasked with drafting sanctions against China in the event of […]
On October 27, 2022, the European Commission issued its Supranational Risk Assessment Report (SNRA) to the European Parliament and Counsel regarding the “risk of money laundering (ML) and terrorist financing (TF) affecting the internal market and relating to cross-border activities.” […]
On November 9, 2022, the New York Department of Financial Services (DFS) proposed amendments to its Part 500 Cybersecurity Rules in response to increasingly sophisticated technologies and threats to financial institutions. Building on draft amendments released in July, the formally announced […]
In a coordinated operation led by Europol’s European Cybercrime Centre (EC3) and the Merchant Risk Council, 59 scammers have been arrested for using stolen credit card numbers to purchase luxury items. The operation, called e-Commerce Action 2022 (eComm 2022), took […]
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