KYC360 Weekly Roundup

Published on Nov 03, 2023

Top stories this week: 

FATF updates black and grey lists | Economic Crime and Corporate Transparency Act becomes law | UK to publish crypto regulations

Welcome to this week’s AML Roundup. In our anti-money laundering news this week, the FATF has updated its black and grey lists highlighting countries of concern over their AML practices. There’s an increasing focus on AML regulation in the legal and accounting industries with RUSI publishing their AML policy brief and The Law Society of Scotland publishing its annual AML supervisory report.

The new UK Economic Crime and Corporate Transparency Act has come into force this week and will shake up the fight against fraud and corruption. The Bank of England publishes its latest thinking on AI and Machine Learning and in ESG news we’ve details on EY’s recommendations for insurers navigating the ESG landscape.

Crypto news includes how the UK is intending to follow the EU with new crypto regulation early next year and Paypal is approved by the FCA for offering cryptoservices in the UK.

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 new sanctions again Myanmar’s Oil and Gas Enterprise.

 

Financial_ServicesMoney Laundering, Fraud & Corruption

FATF updates its black and grey lists

The global AML watchdog the Financial Action Task Force (FATF) has updated its list of countries of concern (its “black and grey” lists). As of late October, 129 countries have been reviewed, 102 publicly identified and 76 removed from the process having made the necessary reforms to their processes. Here you can find the black (High-Risk Jurisdictions subject to a Call for Action) and (Jurisdictions under Increased Monitoring) grey lists of countries. Bulgaria has been added to the grey list and The Cayman Islands, Albania, Jordan and Panama have been removed following recent reforms.

RUSI (the Royal United Services Institute) publishes policy brief and recommendations for AML supervision of the legal and accountancy sectors

RUSI have published their analysis of AML/CFT requirements and how they can best be addressed in the legal and accountancy sectors.

Increased focus on AML compliance in the accounting sector highlighting compliance weaknesses

Regulators have highlighted the accounting sector as a priority for an increased focus on AML/CTF. More firms are noticing the impact of stricter controls and requirements. This article summarises the state of play and what accounting firms should be looking out for.

Law Society of Scotland publishes annual AML supervisory report

Just published, the Law Society of Scotland’s annual AML report highlights areas that require improvement in understanding and underlying compliance. It uses examples of recent cases to demonstrate some of the changes that are required to close opportunities for money laundering. It’s also published its latest AML Spotlight blog on human trafficking.

Jersey updates its AML/CFT/CPF Handbook

In line with recent updates from the Financial Action Task Force (FATF), the Jersey Financial Services Commission (JFSC) has updated its AML/CFT/CPF (Anti-money laundering/countering the financing of terrorism/countering proliferation financing) handbook with updates on countries of concern. The JFSC has also published a consultation paper on new questions to include in its next annual risk data collection exercise.

 

RequirementsLegislation, Regulation and Sustainability

Economic Crime and Corporate Transparency Act becomes law

The UK Bank of England will consult on the growing use of artificial intelligence (AI) by financial firms with an eye to future regulation. This was discussed after the bank published its latest financial stability report.

FCA updates on progress with synthetic data

On 1 January 2024, the US Corporate Transparency Act (CTA) comes into law aiming to combat money laundering and other illicit activities. It requires certain beneficial ownership information to be disclosed to FinCEN (the Financial Crimes Enforcement Network). Requirements are outlined here.

Bank of England publishes latest thoughts on AI and Machine Learning

The UK Government has updated its list of third countries it considers high risk for AML/CFT controls.

Navigating the ESG regulatory landscape

The UK Government has updated its list of third countries it considers high risk for AML/CFT controls.

 

Gambling_GamingGaming and Gambling

UK gambling regulator appoints seven new commissioners

The Gambling Commission has added seven new commissioners to help regulate the gambling industry. They are Charles Counsell, Helen Dodds, Sheree Howard, Claudia Mortimore, Lloydette Bai-Marrow, Helen Philips and David Rossington. Details of their experience are included in the article.

 

Crypto-1Crypto & Virtual Assets

UK to push ahead with rules for cryptoassets in line with the EU

In its latest report, MPs on the Treasury Select Committee raise concerns around plans to launch a central bank digital currency (CBDC). The report calls for interest to be paid on a digital pound and a greater emphasis to be placed on transparency, privacy and accountability.

Paypal registered to offer cryptoasset services in the UK

The FCA’s latest list of firms registered to carry our crypto services in the UK now includes Paypal who were added this week. This is part of Paypal’s move to build a post-Brexit base in the UK.

 

Sanctions-1Sanctions

US, UK and Canada impose sanctions on Myanmar

The US Treasury Department has imposed prohibitions on financial services with Myanmar Oil and Gas Enterprise (MOGE), the ruling junta’s main source of foreign revenue. The action was coordinated with Britain and Canada and comes into force from 15 December.

 

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