Financial Action Task Force

Anti-Money Laundering

FATF Upgrades US Rating on Beneficial Ownership Transparency

By Editors | 27/03/2024

The FATF cites the ongoing implementation of requirements for companies to report beneficial ownership information to FinCEN.

Anti-Money Laundering

EU Commission Revises List of High Risk Third Countries

By Nithya Subramanian | 19/03/2024

Barbados, Gibraltar, Panama, Uganda and UAE have been removed from the list, while Kenya and Namibia were added.

Anti-Money Laundering

BRICS Establishes Council for Combating Money Laundering

By Editors | 13/03/2024

The BRICS nations also plan to create an organisation to fight money laundering and terrorist financing similar to the FATF.

Anti-Money Laundering

FATF Issues Final Guidance to Support Implementation of R.25

By Editors | 12/03/2024

The guidance explains requirements to obtain adequate, accurate and up-to-date UBO information for express trusts and similar legal arrangements.

PEPs & Sanctions

Canadian FIs Required to Treat Russia as FATF-Blacklisted

By Editors | 12/03/2024

A ministerial directive requires Canadian FIs to treat every financial transaction connected to Russia as high-risk regardless of size.

Cryptocurrency

Cayman Islands Launches Crypto Consultation Using GitHub

By Nithya Subramanian | 05/03/2024

Software coding collaboration platform GitHub is being used for the first time to collate public feedback on the draft legislation.

Anti-Money Laundering

Russia Re-rated on Four FATF Recommendations

By Editors | 04/03/2024

Russia was upgraded on R.6, R.7, and R.25, and downgraded on R.15 because digital currency activities are largely unregulated.

Structural Regulation

SEBI Proposes Relaxed Disclosure Rules for Certain FPIs

By Ajoy K Das | 02/03/2024

Category I FPIs that are university funds or university-related endowments would be exempt from enhanced disclosure requirements.

Anti-Money Laundering

FATF Consults on R.16 Changes to Improve Payment Transparency

By Manesh Samtani | 27/02/2024

The revisions would help guard against fraud by requiring beneficiary FIs to check the alignment of beneficiary information in payment messages.