On August 2nd the European Banking Authority (EBA) announced a three-month public consultation on a new set of guidelines for the role, tasks, and responsibilities of compliance officers responsible for anti-money laundering (AML) and countering the finance of terrorism (CFT). […]
Payoneer Inc. will pay $1.4 million to settle its potential liability for apparent violations of six different US sanctions regimes, the US Treasury’s Office of Foreign Assets Control announced Friday, July 23. Over five years, from February 2013 to February […]
The EU’s European Commission (EC) is readying plans to create a new anti-money laundering agency to oversee AML/CFT efforts across the EU, according to recent reports. If created, this agency would replace the current dedicated unit established within the European […]
FATF’s fourth virtual plenary ended on Friday, June 25, with the intergovernmental agency placing four jurisdictions under increased monitoring for strategic deficiencies in their anti-money laundering efforts. The Philippines — along with Haiti, Malta, and South Sudan — join 18 […]
As a member of the European Union (EU), the UK was often one of the first Member States to apply the EU’s anti-money laundering (AML) and counter-terrorist financing (CFT) directives to help the bloc meet its AML/CFT harmonization objectives. However, […]
Brexit and AML/CFT: What Does the Future Hold for the UK & EU? The UK and EU opted for a “minimalist” approach on the management of AML/CFT, with only broad agreement on following shared norms and cooperation. No formally defined […]
Reforms meant to strengthen Australia’s AML/CFT rules came into force on Friday, June 18. Dubbed Tranche 1.5, these reforms touch on customer due diligence, correspondent banking, information sharing, and cross-border payment reporting. More specifically, with Tranche 1.5, the Australian Transaction […]
The European Commission (EC) has taken legal action against Luxembourg for failing to implement AML regulations in a timely manner and has asked the European Court of Justice (ECJ) to enforce punitive measures. Should the ECJ rule in the EC’s […]
According to the UK’s Financial Conduct Authority (FCA), several crypto businesses are struggling to meet the regulator’s high bar for anti-money laundering controls. As a result, many of these firms may be forced to stop trading and shutter their doors. […]
The Australian government is weighing how it can extend AML/CFT regulation to cryptocurrencies, Nicole Rose, the CEO of AUSTRAC, confirmed on May 25. Specifically, and among other measures, the government agency is exploring whether to apply the Financial Action Task […]
Regulated financial institutions must become compliant with the European Union’s Sixth Anti-Money Laundering Directive (6AMLD), which is a highly coordinated effort by the EU to crack down on financial crime that imposes much tougher penalties for breaches. The ever-widening scope […]
International sanctions have been an effective foreign policy tool for the United States government since the 1950s when the Office of Foreign Assets Control (OFAC) imposed restrictions on Chinese and North Korean trade as a response to the Korean War. […]
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