UK Crime Agency Reveals Progress of SARs Reform Programme
30th November 2020
UK Crime Agency Reveals Progress of SARs Reform Programme
The UK’s NCA (National Crime Agency) has unveiled details of a project to reform the SAR (suspicious activity report) regime, amid a large increase in the number of submissions from financial institutions and other reporting entities. The NCA received over 570,000 SARs in the year to March 2020, an increase… Read More
G20 Leaders Agree to Follow FATF’s Anti-Money Laundering Measures
27th November 2020
G20 Leaders Agree to Follow FATF’s Anti-Money Laundering Measures
By Eli Moskowitz, OCCRP, 25 November 2020 OCCRP – Leaders of the G20 reiterated their commitment to following anti-money laundering policy measures recommended by the Financial Action Task Force (FATF), which stressed their importance amidst the COVID-19 pandemic at a summit over the weekend hosted by… Read More
UAE to take action against non-registered Hawala operators from December 3
25th November 2020
UAE to take action against non-registered Hawala operators from December 3
The UAE Central Bank will start taking legal action against non-registered Hawala service providers when registration deadline expires on December 2, 2020, after which no Hawala service provider will be allowed to operate in the country. “After the deadline has expired, the Central Bank will impose the necessary legal and… Read More
OCC plan would force banks to lend to oil and gun companies
23rd November 2020
OCC plan would force banks to lend to oil and gun companies
A Wall Street regulator appointed by President Donald Trump wants to force banks to finance unpopular businesses the industry has been known to shun — a list that includes oil companies, gun manufacturers and private prisons. Acting Comptroller of the Currency Brian Brooks on Friday proposed a rule that would… Read More
U.S. Banking Regulators Issue CDD Guidance for Charities, Non-Profits
20th November 2020
U.S. Banking Regulators Issue CDD Guidance for Charities, Non-Profits
U.S. federal authorities on Thursday issued fresh Bank Secrecy Act guidance for banks providing services to charities and non-profit organizations (NPOs) as part of an effort to ensure that the groups retain access to financial pipelines. The joint fact-sheet—issued by the Federal Reserve, Office of the Comptroller of the Currency,… Read More
UK’s National Crime Agency Calls for Further SARs Reforms
19th November 2020
UK’s National Crime Agency Calls for Further SARs Reforms
The UK’s National Crime Agency (NCA) is calling for additional reforms to the country’s system for reporting suspicious transactions in an effort to scale back the volume of defensive filings it receives, the Financial Times reported Thursday. Although the Home Office has launched a “transformation programme” aimed at overhauling… Read More
Why FinCEN wants details on all cross-border transactions over $250
18th November 2020
Why FinCEN wants details on all cross-border transactions over $250
U.S. regulators are discussing the “why” of a new proposal that has crypto fans concerned. Speaking Monday at the V20 Virtual Asset Service Providers Summit, Carole House, cyber and emerging tech policy specialist at the Financial Crimes Enforcement Network (FinCEN), said criminals are conducting cross-border payments using smaller amounts… Read More
Swiss to ban deducting bribes from taxes starting in 2022
13th November 2020
Swiss to ban deducting bribes from taxes starting in 2022
Swiss companies will no longer be able to deduct bribes paid to private individuals from their taxes, Switzerland’s government said on Wednesday, according to an update of tax laws due to take effect on Jan. 1, 2022. Beyond bribes, costs from financing criminal activities or money paid in return for… Read More
AUSTRAC prepares engagement blitz
13th November 2020
AUSTRAC prepares engagement blitz
Financial intelligence regulator AUSTRAC is preparing to unleash a wave of guidance including as many as five detailed risk assessments for banks and non-bank lenders and a new division that will engage directly with regulated entities and spell out what is expected of them. The enigmatic regulator is preparing as… Read More
Gold market authority threatens to blacklist UAE and other centres
12th November 2020
Gold market authority threatens to blacklist UAE and other centres
The world’s most influential gold market authority is threatening to stop bullion from countries including the United Arab Emirates entering the mainstream market if they fail to meet regulatory standards, a letter seen by Reuters showed. In the letter dated Nov. 6 addressed to countries with large gold markets, the… Read More
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