The Bank of England, Office of Financial Sanctions Implementation (OFSI) and the Financial Conduct Authority (FCA) have issued a joint statement offering guidance for the cryptoasset sector relating to sanctions evasion. With an unprecedented package of economic sanctions being imposed […]
Following the announcement that the next President of the Financial Action Task Force (FATF) will be Singaporean T Raja Kumar, we take a closer look at what this may mean for the FATF’s priorities during his tenure. To do this, […]
A raft of new measures to tackle dirty money and improve transparency related to company and property ownership are being expedited by the UK government following Russia’s invasion of Ukraine. The Economic Crime (Transparency and Enforcement) Bill — a key […]
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has started civil proceedings against Australia’s largest casino operator, Crown Resorts, alleging “serious and systemic non-compliance” with the country’s anti-money laundering and combatting the financing of terrorism (AML/CTF) laws. The action relates […]
Following weeks of protests by truckers opposing Canada’s vaccine mandates – labeled the ‘Freedom Convoy’ – on February 15th 2022 Canada’s Attorney General, alongside other members of the government, declared a public order emergency. To do this, the government invoked […]
In 2021 ComplyAdvantage surveyed compliance leaders globally to build an assessment of the state of financial crime in the year ahead. One of the key questions we asked in the survey was: How has the number of suspicious activity reports […]
The European Banking Authority (EBA) has launched a central database for anti-money laundering and countering the financing of terrorism (AML/CFT), which it hopes will act as an “early warning tool” across the European Union. The European reporting system for material […]
The US Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed new measures to allow banks to share suspicious activity reports (SARs) more easily with foreign branches, subsidiaries and affiliates. In a Notice of Proposed Rulemaking (NPRM) FinCEN has asked for […]
Plans to stop misleading advertising by high-risk and cryptocurrency firms have been published by the Financial Conduct Authority (FCA). A consultation on proposals to strengthen financial promotion rules runs from January 19 until March 23, 2022. It forms part of […]
The US has expanded its sanctions regime against Nicaragua with six officials connected to the Nicaraguan government being targeted, including the country’s Minister of Defense, and telecom and mining executives. The move comes as Nicaragua inaugurates its new President and […]
Banks in Australia have been praised by the Australian Transaction Reports and Analysis Centre (AUSTRAC) for improving their compliance programs to more effectively tackle money laundering, organized crime, tax evasion, and welfare fraud. AUSTRAC said that it is now better […]
Following a review of its AML/CFT framework, the European Union is preparing to introduce a suite of new regulations that will have significant implications for firms operating in, or doing business with, EU countries.
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