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Our Scans · (FS.7.04) Anti-Money Laundering (AML) · Weekly Summary


  • [New] Online gaming platforms must enhance their AML programs to mitigate financial crime risks and maintain a strong reputation within the industry (Financial Crime Academy). Financial Crime Academy
  • [New] Reputation risk: Due to its low tax rates and lax regulations, Cyprus has been linked to money laundering, tax evasion, and offshore activities. Metapress
  • [New] Governments worldwide are implementing new regulations to address the vulnerabilities of inadequate AML compliance procedures in crypto firms. Financial Crime Academy
  • [New] Recognizing the risks associated with cryptocurrency, regulatory bodies worldwide have been implementing new regulations to combat money laundering and terrorist financing activities within the crypto industry. Financial Crime Academy
  • Under Australian law, firms are required to assess customers and monitor their financial transactions in order to identify, mitigate and manage the risk that they might be engaging in money laundering or financing terrorism. BBC News
  • Canada actively collaborates with international organizations and key allies, such as the Financial Action Task Force, FATF-Style Regional Bodies, and the Egmont Group of Financial Intelligence Units, to effectively address money laundering and terrorist financing threats (Government of Canada). Financial Crime Academy
  • The Government of Canada continuously enhances its anti-money laundering and anti-terrorist financing Regime to address emerging risks associated with money laundering and terrorist financing. Financial Crime Academy
  • While challenges remain, the progress Turkey has made towards exiting the FATF's grey list is a beacon of hope for nations striving to enhance their financial integrity and combat the scourge of money laundering and terrorism financing. BNN
  • Montenegro could be added to MONEYVAL's grey list, due to a lack of results in applying measures to prevent money laundering and terrorist financing. Balkan Insight
  • As financial institutions operate across borders, regulatory bodies will need to strengthen their collaborations to address issues such as regulatory arbitrage, money laundering, and the impact of global financial events on individual economies. Robots.net
  • AML regulations in the UK apply to a wide range of businesses and professions that are deemed at risk of being used for money laundering or terrorist financing activities. CPD Online College
  • The 2024 supervisory regulatory focus will remain on the anti-money laundering and combating the financing of terrorism and sanction regulations, with the DNB enforcing heightened compliance. Osborne Clarke
  • As a country that has witnessed the devastating effects of terrorism and money laundering, Kenya reaffirms its dedication to combating money laundering, terrorism financing, and proliferation risks. The Exchange Africa
  • East Africa's largest economy will now have to face increased scrutiny from the FATF, requiring significant adjustments to its financial framework to reduce the risk of becoming a haven for illegal funds. The Exchange Africa
  • Addressing the gaps in the U.S. anti-money laundering regime will help prevent bad actors from operating across the United States and protect Americans from harm. MarketBeat
  • The Securities and Exchange Commission (SEC) has identified money laundering as a top risk area for 2024, urging enhanced compliance measures, particularly in customer due diligence and beneficial ownership tracking. IFC Review
  • Because of the lack of regulation, transparency, and accountability, doing business with Burma's metal mining sector involves risk of money laundering, corruption, and human rights and labour rights abuses, including forced labour. United States Trade Representative
  • The global efforts to combat money laundering do not seem to be making substantial strides, as evidenced by the fact that, in 2024, the average risk level has only decreased by a marginal 0.05% to reach 5.25 out of 10. MDPI
  • Plans to make digital payment systems faster by 2027 ignore the risk of heightened vulnerability to financial crime and money laundering. PYMNTS.com
  • The Solicitors Regulation Authority is maintaining its focus on anti-money laundering (AML) and has warned solicitor firms that they need to do more to properly assess any money laundering risks posed by clients. DAC Beachcroft
  • The creation of the new EU Authority will transform AML/CFT supervision in the EU and enhance cooperation among Financial Intelligence Units. Finance
  • Trade-based money laundering remains major challenge to the global economy; it undermines, strongly, the integrity of the international trade system; and poses significant threat to the global financial system. Business & Financial Times

Last updated: 28 March 2024



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