FATF

News & Analysis as of

The Regulatory Pendulum: When is De-Risking by Financial Institutions Too Much?

In the environment of increasingly aggressive regulatory and criminal enforcement of anti-money laundering (AML) violations, concerns about de-risking – when financial institutions close accounts or restrict access to new...more

Anti–Money Laundering Alert: FinCEN Finalizes Beneficial Ownership and Customer Due Diligence Requirements

The Financial Crimes Enforcement Network (FinCEN) on May 11 released its long-awaited Final Rule (CDD Rule) that will require certain financial institutions to “look through” the nominal account holder to identify the...more

Focus on Corruption: Myanmar - A New Beginning?

Historically, Myanmar has not been known as a country with a focus on anti-corruption and anti-money laundering. In 2015, the Frankfurt-based Transparency International ranked the country as one of the most corrupt places to...more

UK Financial Regulatory Developments - April 2016 #24

FCA discusses advice regulation - Tracey McDermott spoke on the regulation of advice following FCA and Treasury’s Financial Advice Market Review (FAMR). She noted the high level of engagement with the review and looked...more

US Treasury Deputy Assistant Secretary Discusses Strengthening of US Anti-Money Laundering and Combating the Financing of...

At the SIFMA Anti-Money Laundering and Financial Crimes Conference, Jennifer Fowler, Deputy Assistant Secretary of the US Treasury, spoke regarding progress that the US has made in strengthening its framework for anti-money...more

UK Financial Regulatory Developments - April 2016 #8

OFSI publishes updated Financial Sanctions Guidance - OFSI has published an updated version of Treasury’s Financial Sanctions Guidance. It provides a guide to the approach OFSI will take when issuing licences and...more

FinCEN Issues Advisory on FATF-Identified Jurisdictions with AML/CFT Deficiencies

On March 21, 2016, the Financial Crimes Enforcement Network (FinCEN) issued an Advisory (FIN-2016-A002) on the Financial Action Task Force (FATF)-identified jurisdictions with strategic deficiencies in anti-money laundering...more

Financial Action Task Force Risk-Based Approach on Money or Value Transfer Services

The Financial Action Task Force published final Guidance on a Risk-Based Approach for Money or Value Transfer Services. This non-binding guidance is applicable to the entire MVTS sector but is primarily aimed at non-banking...more

UK Financial Regulatory Developments - February 2016 #16

IOSCO responds to global securities markets’ challenges - IOSCO has met to discuss and respond to the many ongoing and emerging challenges facing global securities markets. Participants talked about recent market...more

UK Financial Regulatory Developments - February 2016 #11

WMBA updates benchmark calculation methodology - WMBA has made changes to its calculation methodology for measuring Sterling Overnight Index Average (SONIA) and the Repurchase Overnight Index Average (RONIA). These...more

MLD4: Here at Last: What does it Mean?

After many years of negotiation, the fourth Money Laundering Directive (MLD4) and the accompanying revised Funds Transfer Regulation (FTR2) were adopted in May 2015 and made it into the Official Journal of the EU a month...more

FinCEN Issues Advisory on Jurisdictions with AML/CFT Deficiencies

On January 20, 2016, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to financial institutions about an updated list of jurisdictions with strategic anti-money laundering/counter-terrorist financing...more

Pitfalls for the Unwary: Long Arm Jurisdiction of State Enforcement of Money Transmittal Company Laws

Last month we alerted our clients to newly proposed anti-terrorism and anti-money laundering regulations in New York that sought to impose increased compliance requirements and vastly expanded personal liability (including...more

Financial Services Weekly News - January 2016 #3

Regulatory Developments - FinCEN Issues Advisory on Update to List of FATF Identified Jurisdictions - FinCEN has issued an advisory to financial institutions summarizing updates made by the FATF to the list of...more

Legal Trends: Financial Services Regulatory

Fintech is the single hottest topic for 2016 and the foreseeable future. From mobile payments to paperless processes to block-chain technology, the increased use of emerging and innovative technologies to pay for or obtain...more

FATF reports terrorist finance action

FATF has reported on the outcome of three days of meetings, focused on combatting the financing of ISIL, their affiliates, and other terrorist groups. ...more

Anti-Money Laundering Update: HM Treasury Advisory Notice on Money Laundering and Terrorist Financing Controls

On November 12, HM Treasury published an advisory note on money laundering and terrorist financing controls in jurisdictions outside the European Union. The advisory note identifies that on October 23, the Financial Action...more

FATF updates on terrorist finance

FATF has updated G20 on its members’ laws to prevent terrorist finance. It conducted a survey of 194 jurisdictions to assess the extent to which their laws made it a criminal offence to finance terrorism, and whether they use...more

FATF reports on emerging terrorist financing risks

FATF has published its report on emerging terrorist financing risks. It provides an overview of the various financing mechanisms and financial management practices used by terrorists and terrorist organisations. ...more

FATF updates guidance

FATF has published the outcomes of its plenary meeting in Paris. The main issues dealt with by this plenary were: - combating terrorist financing, which remains the top priority for FATF...more

European Supervisory Authorities Consult on AML-CFT Guidelines

On October 21, the joint committee of the three European Supervisory Authorities (ESAs, comprising the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational...more

Re-thinking What We Think We Know About Bitcoin (Part I)

It’s no surprise that, as the way we exchange information continues to evolve at an ever-increasing pace, the way we exchange value is rapidly evolving too. This two-part series explores the Bitcoin evolution occurring in...more

Virtual Currencies - Mining the Possibilities

There are two distinct narratives surrounding virtual currencies. One picks up on countercultural elements – an extreme free market environment beloved by anarchists and criminals. The other describes a technology as...more

G20 publishes meeting communiqué

G20 has published a communiqué following the meeting of finance ministers and central bank governors in Ankara. G20: - endorsed the Organisation for Economic Co-operation and Development (OECD) revised principles on...more

The Fourth European Union Anti-Money Laundering Directive and Its Effects on Financial Institutions Operating in the EU

The Fourth European Union Anti-Money Laundering Directive (Fourth AML Directive), approved by the European Parliament on May 20, 2015, went into effect on June 25, 2015, repealing the 2005 Third AML Directive. Given the...more

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