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Financial crime and counter terrorist financing updates
Archive
04 Mar
2016

Financial crime and counter terrorist financing updates

  • 4th March 2016
  • David Miller

The attacks in Paris and the continued threats posed by the Islamic State of Iraq and the Levant (ISIL) have once again seen fresh emphasis placed by financial regulators around the world on countering terrorist financing and money laundering. The Financial Action Task Force (FATF), a Paris based intergovernmental body that sets standards and promotes Read More

21 Jan
2016

FATF updates – renewing effort to tackle terrorism

  • 21st January 2016
  • David Miller

FATF updates – renewing effort to tackle terrorism A special three-session meeting to discuss tackling terrorist financing was organised by the Financial Action Task Force in reaction to the atrocities that have taken place in the last few months.  Whilst the agenda focused on broader ways to tackle terrorist financing, the Islamic State of Iraq Read More

14 Jan
2016
client due diligence, money laundering directive due diligence, fatf de-risking clients

Client due diligence on your client’s client

  • 14th January 2016
  • David Miller

The UK, EU and the Financial Action Task force have promoted banks to adopt and implement a measured approach to de-risking clients that pose money laundering and financial crime risks.  The central message has been for financial institutions to manage money laundering risks and to cease relationships with clients as a last resort. But, the Read More

06 Mar
2014

AMLD IV adds fuel to KYC utility model

  • 6th March 2014
  • RegTechFS

JWG analysis. The European Parliament recently published (here) the latest amended text of the proposed 4th Anti-Money Laundering Directive (AMLD IV), which includes measures to help simplify the way firms conduct KYC today, and adds weight to the KYC utility business model by requiring the industry to maintain accurate and timely data on beneficial ownership. Read More

05 Jul
2013

FATF guidance update: New AML standards on PEPs, sanctions, and mobile payments

  • 5th July 2013
  • RegTechFS

The Financial Action Task Force (FATF) has been very busy. The outcomes of their recent plenary meeting have been released alongside a small library of guidance documents. The FATF have released guidance on how countries and the private sector should handle the money-laundering risks associated with prepaid cards, mobile payments and digital currencies. After extensive Read More

29 Apr
2013

AMLD IV: Prove you’re doing it right

  • 29th April 2013
  • RegTechFS

Anti-Money Laundering systems and controls continue to make news in the wake of the high profile failures of 2012. On 5 February, the proposal for the updated EU Anti-Money Laundering Directive was finally released. The proposal imposes a number of new requirements significantly increasing the scope and volume of firms’ KYC processes likely to be Read More

06 Feb
2013

AMLD IV: Customer data review required?

  • 6th February 2013
  • RegTechFS

After evading settling on a concrete date for the release of the fourth Anti-Money Laundering Directive until quite recently, the directive proposal has finally seen the light of day. It is, on the whole, consistent with the FATF recommendations of April 2012, which was largely expected. The definition of politically exposed persons (PEPs), long a Read More