KYC360 Weekly Roundup - 6th Oct 2023

Published on Oct 06, 2023

Top stories this week: 

AAT publishes AML annual report | EBA details work programme for 2024 | Fraud and money laundering trial of ex-FTX CEO begins in New York

Welcome to this week’s AML Roundup. In our anti-money laundering news this week, the accountancy supervisory body the AAT, publishes its annual report on money laundering. Several regulatory bodies have made their voices heard as part of HM Treasury’s consultation call for AML regulation in the accountancy and legal industries. Also, the Law Society of Scotland looks at the impact of terrorist financing for its members and how they can combat it.

We’ve news on the European Banking Authority’s work programme for 2024 and Australia’s plans to bring in tighter identification and verification rules for online gambling from next year.

In crypto news, the International Monetary Fund (IMF) calls for greater crypto oversight, the Indian government begins the creation of a global database covering all crypto exchanges and the trial of Sam Bankman-Fried, ex-CEO of failed cryptocurrency exchange FTX, gets underway in New York.

To complete this week’s Roundup, we provide you with further money laundering, fraud, corruption and bribery updates from around the world. In addition, there is news on how non-EU countries are aligning with the EU’s new stricter sanctions regime against Iran.

 

Financial_ServicesMoney Laundering, Fraud & Corruption

Association of Accounting Technicians (AAT) publishes its 2022-23 anti-money laundering annual report

The AAT has published its latest AML annual report detailing its supervisory activities for the year. It includes a summary of AML investigations undertaken and the outcomes of that work, along with the enforcement action taken.

LSB wants to take on AML supervisory responsibility

In response to HM Treasury’s consultation on the future of regulation for the accountancy and legal sector, the Legal Services Board (LSB) has responded by suggesting it would be the best candidate to take on the supervisory and regulatory role. It cites the importance of a ‘holistic’ approach that ‘complements the existing framework for the regulation of legal services by bringing responsibility for AML supervision for legal services within the Legal Services Board’s existing oversight responsibilities’. The Bar Council has also published its response to the consultation.

Dublin tops poll of favoured cities to host the EU’s new AML Authority

A poll of anti-financial crime professionals has indicated a preference for Dublin to host the EU’s new AML Authority (AMLA). The European Commission opened the formal six-week bidding period last week with at least 10 countries signalling a desire to host the authority.

Law Society of Scotland examines how terrorist financing impacts the legal sector

In a new AML blog post, the Law Society of Scotland takes a look at how terrorist financing is impacting the legal sector in Scotland and the steps firms can take to combat it.

 

RequirementsLegislation, Regulation and Sustainability

PRA publishes its regulatory digest for September 2023

The Prudential Regulation Authority has published its latest digest highlighting key regulatory news and publications for the month.

EBA publishes its work programme for 2024

The European Banking Authority (EBA) has set out its five key strategic focus areas for 2024. These include implementing the EU banking package, monitoring financial stability and sustainability against a backdrop of increased interest rates and uncertainty, providing a data infrastructure at the service of stakeholders, developing oversight and supervisory capacity for the Digital Operational Resilience Act (DORA) and the Markets in Crypto Assets Regulation (MiCAR) and increasing attention on innovation and consumers while preparing the transition to the new anti-money laundering and countering the financing of terrorism (AML/CFT) framework.

 

Gambling_GamingGaming and Gambling

Australia to bring in tighter verification rules for online gambling

AUSTRAC, the Australian AML regulator, has announced that online gambling services must introduce stricter customer identifications rules from next September, to close potential money laundering loopholes.

 

Crypto-1Crypto & Virtual Assets

IMF calls for greater crypto oversight

The International Monetary Fund (IMF) last week released a working paper seeking to address the risks posed by the rapidly changing crypto market. It says the crypto market is essentially operating as a parallel, unregulated financial system which brings about considerable systemic risks that the traditional financial sector cannot afford to overlook. The report also proposes a new Crypto Risk Assessment Matrix (C-RAM) – aimed at monitoring and assessing perceived risks in this space.

India to establish global crypto database to transform regulation

Following the recent G20 meeting held in India, the country’s government is moving forward with the creation of a global database covering all crypto exchanges including those on the dark web. It will be designed to curb illicit crypto use by providing information on crypto assets to law enforcement agencies.

Trial of Sam Bankman-Fried begins in New York

After the collapse of cryptocurrency exchange FTX in November last year, it’s former CEO Sam Bankman-Fried has been investigated for money laundering and fraud failings. His trial began this week where he faces seven counts of wire fraud, securities fraud and money laundering. The trial is expected to last six weeks.

 

Sanctions-1Sanctions

Non-EU countries align with EU sanctions

Switzerland, North Macedonia, Montenegro, Albania, Ukraine, Moldova, Bosnia and Herzegovina, and the EFTA countries Iceland, Liechtenstein and Norway have all aligned themselves with the EU’s new Iran sanctions framework.

 

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