AML Analytics’ Post

FATF Upgrades New Zealand on Five Recommendations Revised #AML/ #CFT regulations adopted in June 2023 addressed most deficiencies in recommendations 14, 16, 18, 22 and 23. Financial Action Task Force (FATF) https://lnkd.in/dz-keu25

This document is the European Systemic Risk Board’s response to the European Commission’s targeted consultation assessing the adequacy of macroprudential policy for non-bank financial intermediation. Non-bank financial intermediaries (NBFI entities) comprise different types of entities that have diverse business models and that are subject to different regulatory frameworks. They include NBFI entities that act as agents on behalf of clients, such as asset managers, and those that hold assets on their own balance sheet, such as insurers. The ESRB has for many years provided advice to the EU co-legislators to help ensure that the regulatory framework for NBFI entities supplies EU and national authorities with the means to identify and address risks to financial stability wherever they arise in the financial system. This response to the European Commission’s consultation builds on this advice.

Have you filed your BOI report yet? The Beneficial Ownership Information (BOI) Report is a new filing requirement enforced by the U.S. Treasury’s Financial Crime Enforcement Network (FinCEN) which is a result of the Corporate Transparency Act (CTA). Click here to learn more: https://loom.ly/pa4nbmA Need help filing? Click here: https://loom.ly/wYH5ce0 #AngolanoAndCompany #BOIReport #CTA #FinCEN

[AML] 🌐 💵 FATF will introduce a new rule that will determine whether country will end up on FATF's grey list: "Under the changes, countries with an income below $10 billion will generally avoid being grey-listed, except in cases where they are deemed high-risk by consensus." ❓ 🤔 While I grasp the political and commercial rationale, I find myself somewhat perplexed. Given the provided explanation, it remains unclear whether the rule accurately mirrors the specific AML risks a country presents, which, in my opinion, ought to be the main driver for decision "to be or not to be" on the grey list. ⏩ https://lnkd.in/dy2szZPa 💲 🤑 💰 #aml #financialcrime #fatf

Dive into this week's Weekly Economic Insights with CS Soumya Jain, from SEBI’s investigation into Quant Mutual Fund to new GST updates and RBI’s regulations. Also, catch Rajani Tandale’s expert analysis on the Quant Mutual Fund investigation. Stay ahead in finance! Watch now to see how these changes could impact your financial strategy. #FinanceNews #InsuranceUpdates #SEBI #WeeklyEconomicInsights

On International Accounting Day 2024, National Bank shines a light on the importance of ethical financial practices, guided by the principles of Precision, Integrity, and Excellence. #NBL #NationalBank #InternationalAccountingDay

The Financial Action Task Force (FATF) hosted its Plenary between 23-25 October. Key outcomes include: ➡️ The continued suspension of the Russian Federation’s membership; ➡️ The addition of Algeria, Angola, Côte d’Ivoire, and Lebanon to the list of jurisdictions subject to increased monitoring (Grey List); ➡️ The removal of Senegal from the list of jurisdictions subject to increased monitoring (Grey List); ➡️ The addition of Senegal and the Cayman Islands as guest jurisdictions; ➡️ The adoption of Mutual Evaluation reports for Argentina and Oman;  ➡️ The agreement to release for public consultation proposed changes to the standards on financial inclusion; ➡️ The revision of the national money laundering risk assessment guidance; ➡️ The commencement of a review to ensure countries do not misuse FATF standards to restrict the activities of nonprofit organisations. ✅ Firms should review the latest plenary updates and note any control reviews required following changes to the Grey List Learn more: https://lnkd.in/ecXKaPJ7 💡 Plenitude #Compass has been developed specifically for Financial Crime Compliance teams to keep you informed of changes to geographical risk and its implications for numerous financial crime controls. Visit our website for more information: https://lnkd.in/eDKYnJ2k

💡 An Australian Financial Services Licence (AFSL) authorises a person or entity to provide financial services in #Australia as defined under the Corporations Act. However, there is complexity and confusion around making a market under an AFSL, which stem from the nuanced and overlapping regulatory requirements within the Australian financial services regime. Liam Hennessy and Celine Xia unpack what you need to know 👉 https://lnkd.in/gsZaY3eV #FinancialServices #Regulatory #Risk

October 9, 2024 EFSA members, together with AFME, EFAMA and the Nordic Securities Associations, have published a statement on the planned changes to cost-based market data as part of the MiFiR review on 'Reasonable Commercial Basis' (RCB). "How to ensure that market data is available on a truly cost-based approach and thus complies with the new MiFIDIII/MiFIR2?"

🏛 Here is our weekly update on #financialregulation news 📰 BBVA Research Inés Criado Saiz Highlights: ✔ BCBS publishes G20 progress report on the 2023 banking turmoil and liquidity risk ✔ EC, ECB and ESMA issue joint statement on next steps for the transition to T+1 governance ✔ EBA consults on draft technical standards to support the centralized EBA Pillar 3 data hub ✔ BdE resolves to reciprocate a macroprudential measure approved by the Banca d’Italia ✔ BoE consults on its approach to setting a MREL #BCBS #SVB #CS #liquidityrisk #bankingturmoil #G20 #FSB #operationalrisk #CMPU #payments #EuropeanCommission #ECB #ESMA #governance #EBA #Pillar3 #ESAs #DORA #MiCA #MiFIR #BdE #BdI #macroprudential #SyRB #systemicrisk #AMCESFI #CNMV #UK #BankofEngland #MREL #PRA #CRA