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Anti-Money Laundering
FATF Issues Report on Racially Motivated Terrorism Financing
By Manesh Samtani | 01/07/2021
Most of the funding obtained by extreme right-wing groups comes from legal sources, such as donations, membership fees, and commercial activities.
PEPs & Sanctions
FATF Issues Guidance on Mitigating Proliferation Financing Risk
By Manesh Samtani | 29/06/2021
The guidance highlights the need for effective onboarding processes, ongoing monitoring, staff training, risk management, sanctions screening, and a strong compliance culture.
KYC & CDD
Digital Identity: A Sound Model for Risk Mitigation
By Manesh Samtani | 29/06/2021
Lax attitudes towards security by consumers have made it increasingly important for banks to take advantage of digital identity systems and put in place robust security measures.
Anti-Money Laundering
New FATF Report Sounds Alarm Over Environmental Crime
By Manesh Samtani | 29/06/2021
The report highlights the use of trade-based fraud and shell companies by criminals to launder proceeds from environmental crime.
Anti-Money Laundering
FATF Plenary Packs Powerful Punch
By Manesh Samtani | 25/06/2021
The FATF finalised reports on technological innovation, environmental crime, and asset recovery. New guidance on PF risk and a white paper on beneficial ownership were also finalised.
Anti-Money Laundering
Australian Senate to Launch Inquiry into DNFBP Regulation
By Manesh Samtani | 24/06/2021
The inquiry will examine the impacts of bringing DNFBPs into scope under Australia’s AML/CTF regime, including AUSTRAC’s capacity to regulate 100,000 more entities.
Anti-Money Laundering
Philippine SEC Backs Amendments to Bank Secrecy Law
By Ranamita Chakraborty | 21/06/2021
Bank secrecy has prevented the SEC from validating information and establishing the owners of bank accounts linked to securities violations.
Anti-Money Laundering
FATF Framework Can Better Support Financial Inclusion: RUSI
By Manesh Samtani | 16/06/2021
There are insufficient incentives within the framework to ensure the FATF Standards are implemented in a way that supports inclusion.
Anti-Money Laundering
RUSI Calls On FATF to Devise Financial Inclusion Strategy
By Editors | 15/06/2021
Little concrete work has been done by the FATF so far to actively promote financial inclusion as part of its primary integrity mandate.
Anti-Money Laundering
Japan FSA Sets Hard Deadline for Full AML/CFT Compliance
By Editors | 07/06/2021
The FSA has directed FIs to formulate a plan that ensures full compliance with its AML/CFT guidelines by March 2024.
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