FINTRAIL’s Post

The EU is tightening its fight against money laundering and terrorism financing with new rules, including a dedicated anti-money-laundering authority, stricter regulations for the crypto sector, and clearer transparency on ownership. These changes aim to close loopholes, improve enforcement, and enhance security across financial systems. Learn more about the latest regulatory changes: https://okt.to/aDWnoq #AML #CTF #EURegulations #AntiMoneyLaundering #FinancialSecurity #EUFinance #Compliance #MoneyLaundering #RegulatoryUpdates #FinCrime

The EU is revamping its approach to combating money laundering and terrorist financing with a comprehensive legislative package. Explore how new regulations, including cash payment limits and crypto scrutiny, are safeguarding financial integrity. See the full article to understand the significance of these reforms: https://buff.ly/4aUmb23 #AML #MoneyLaundering #FinancialSecurity

Know the risks of virtual currency ATM use in Canada. I'm very pleased to share new insights from our Strategic Intelligence team. This sectoral and geographic advisory is designed to help businesses, financial institutions and the public understand and recognize the characteristics of illicit activity involving virtual currency automated teller machines and the types of individuals and entities that may be involved. In particular, suspicious transactions involving virtual currency automated teller machines are concentrated in the following hotspots, noteworthy even accounting for population size: the Greater Toronto Area, the Greater Montréal Area, and Metro Vancouver as well as Edmonton, Calgary, Winnipeg, Nelson, Abbotsford, Victoria, Ottawa, and Hamilton. 

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued a special advisory on “The role of virtual currency automated teller machines (ATMs) in laundering the proceeds of crime.” This advisory aims to help businesses, financial institutions, and the public understand the risks associated with virtual currency ATMs. It also provides insights into money laundering and terrorist financing risks related to these virtual currency automated teller machines (ATMs) machines and emphasizes the need for compliance measures by operators to identify and report suspicious transactions. #AML #Crypto

FINTRAC published a Sectoral and Geographic Advisory focused on the key money laundering and terrorist activity financing risks associated with virtual currency automated teller machines. This Sectoral and Geographic Advisory helps businesses, financial institutions and the public understand and recognize the characteristics of illicit activity involving virtual currency automated teller machines and the types of individuals and entities that may be involved. Learn more: https://lnkd.in/eeYGEjDU

For folks in the #bitcoin and virtual asset space, this is an important read. The indicators here should be reflected into your compliance program and related training. If you’re a crypto ATM service provider, this is something that you should be sharing with your staff and discussing. Of course, if you need a hand Outlier Compliance Group is here to help.

The article outlines the growing role of virtual currency automated teller machines (ATMs) in facilitating illicit activities such as money laundering and terrorist financing. It discusses how criminals exploit these ATMs to convert fiat currency into virtual currency, concealing the origin of funds through various techniques. Additionally, it provides red flags for detecting suspicious transactions and offers advice for consumers to protect themselves from fraudulent schemes associated with virtual currency ATMs, emphasizing the importance of reporting any irregular activities to financial institutions or authorities.

🏧 FINTRAC Canada | CANAFE Canada (FINTRAC) recently issued a Sectoral and Geographic Advisory highlighting the money laundering and terrorist financing risks associated with virtual currency (VC) automated teller machines (ATMs). Here are the key points: 𝙈𝙤𝙣𝙚𝙮 𝙇𝙖𝙪𝙣𝙙𝙚𝙧𝙞𝙣𝙜 𝙍𝙞𝙨𝙠𝙨: Increasingly, VC ATMs are exploited to transfer illicit funds, hide criminal origins and convert funds into fiat currency. Suspicious transactions involving these ATMs are concentrated in major Canadian cities. 🏙 𝙍𝙚𝙜𝙪𝙡𝙖𝙩𝙞𝙤𝙣: Operators of VC ATMs are considered money services businesses and are required to be registered with FINTRAC. 💵 𝘾𝙤𝙢𝙥𝙡𝙞𝙖𝙣𝙘𝙚 𝙈𝙚𝙖𝙨𝙪𝙧𝙚𝙨: VC ATM operators must implement compliance policies, including client identification, education, and ongoing monitoring. They are also required to report certain transactions, including suspicious transactions, to FINTRAC, which supports law enforcement investigations. 📊 Learn more about the risks of VC ATMs through the link below. 🔽 Gowling WLG | Adam Garetson | Alana Scotchmer

🚦 Green light for peace of mind: The Central Bank launches a service to check the risk for business! ❕ Recall: on July 1, 2022, amendments to the law «On Combating Money Laundering» came into force, resulting in the launch of a system for classifying businesses into risk groups for suspicious transactions. The Central Bank of the Russian Federation was given the right to define entrepreneurs and companies into one of three risk groups using color coding similar to traffic light colors. 💼 Now any entrepreneur can check the risk level of his company or potential counterparty on the Know Your Customer (ZSK) platform! ✅ With KCP you can find out what risk level is assigned to your company or counterparty. Previously, only credit organizations had access to this service. Users can check their own risk level as well as potential and current counterparties. 📊 The majority of clients (96.8%) are categorized as low risk. 🛡️ The ZSK service helps to reduce business anxiety and increase transparency of operations. 🚀 Digitalization of financial services makes businesses safer and more transparent! ✉️ If you are interested in our company’s services, please contact us by mail: sales@proscoscm.com Subscribe to our Telegram channel: https://lnkd.in/eiGCKB6q 📊 #Cargotransportation #Logistics #Economy #Trade #autotransportation #Russia #business

We will be discussing the changing sanctions landscape, global sanctions trends and in particular the challenges faced by DNFBPs and Financial Institutions in the Middle East Region! #LexisNexis #Sanctons #AML #Compliance