Financial Action Task Force

KYC & CDD

New Zealand Pledges to Enhance Beneficial Ownership Transparency

By Manesh Samtani | 23/03/2022

A new bill will require companies to provide accurate beneficial ownership information. A unique identifier will be assigned to all beneficial owners and directors.

Anti-Money Laundering

FATF Spotlights ML/TF Risks Associated with Migrant Smuggling

By Manesh Samtani | 23/03/2022

Financial institutions have an important role to play in helping authorities profile migrant smugglers’ financial behaviour, the FATF says in a new report.

Cryptocurrency

Dubai Establishes New Law, Regulator for Crypto Assets

By Mark Johnston | 16/03/2022

The new law comes as crypto firms in the UAE receive streams of requests from sanctioned Russians to liquidate billions of dollars of crypto assets.

Anti-Money Laundering

INTERPOL Launches Financial Crime and Anti-Corruption Centre

By Editors | 16/03/2022

The new centre will adopt a multi-agency approach to drive a coordinated global response to transnational financial crime and corruption.

Anti-Money Laundering

FATF Plenary Finalises New Beneficial Ownership Requirements

By Manesh Samtani | 06/03/2022

Plenary adopts amendments to Recommendation 24, approves revised methodology for mutual evaluations, publishes draft guidance for real estate sector.

Anti-Money Laundering

FATF Concerned About Impact of Ukraine Invasion on Risk Environment

By Editors | 06/03/2022

Russia’s actions run counter to the FATF core principles. The FATF is reviewing Russia’s role at the FATF and will consider steps to uphold its core values.

Anti-Money Laundering

GCFFC Offers Recommendations on Improving FATF Mutual Evaluations

By Manesh Samtani | 03/03/2022

Mutual evaluations also do not adequately take into account threat, materiality, and contextual factors. The FATF should promote the use of PPPs and data sharing.

Anti-Money Laundering

MAS Issues New AML/CFT Notices for Financial Institutions

By Manesh Samtani | 02/03/2022

The Notices cover activities involving precious stones and metals, services and transactions involving digital payment tokens, and risk assessments on shell companies.

Tokenisation

Korean Think Tank Classifies Some NFTs as Virtual Assets

By Editors | 23/02/2022

NFTs used in games and for payments can satisfy the definition of virtual assets and may be subject to AML obligations, the Korea Institute of Finance said.