Omore Akinwande Babalola FCA, FCCA, MSc’s Post

AML/CFTP Governance - Focusing on Board and Senior Management Oversight In our ongoing series on Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation (AML/CFTP) insights, this week, we look at the critical roles of the board of directors, and senior management in ensuring effective governance. Robust oversight is essential to ensure compliance with local regulations, international standards such as those set by the Financial Action Task Force (FATF), and safeguarding financial institutions against financial crimes. Attached is this weeks article. Happy reading >>>> #AML #CFTP #Insights #Compliance #Governance

🌍 FATF Updates AML/CFT/CPF Evaluation Procedures Financial Action Task Force (FATF) has updated its procedures for evaluating #AML/ #CFT/ #CPF frameworks. The changes focus on improving risk-based assessments and enhancing support for nations with limited capacity to combat financial crime. These updates are expected to significantly refine the identification process for high-risk jurisdictions. Source: https://lnkd.in/ejKTgd7v We recommend reviewing the document below👇

Virtual Assets: Targeted Update on Implementation Financial Action Task Force (FATF)'s report finds that while some jurisdictions have made progress in putting AML/CFT regulation in place, global implementation is still lagging. There are several governments which have yet to take any significant steps to regulate the sector, and these countries need to prioritise implementing the Standards in full as a matter of urgency. Based on 130 FATF mutual evaluation and follow-up reports since the revised R.15/INR.15 was adopted in 2019, 75% of jurisdictions are only partially or not compliant with the FATF’s requirements, which is identical to that of April 2023 (75% partially compliant or non-compliant jurisdictions; 73 of 98) and shows negligible improvement. The slow progress in regulating the VA sector is a serious concern as VAs continue to be used to support the #proliferation of #weapons of #mass #destruction, including by DPRK, as well as by #scammers, #terroristgroups, and other #illicit actors. #Complianceprofessionals #complianceofficers

The AML/CTF Advisers’ Forum 2024 highlighted AUSTRAC’s focus on strengthening compliance, improving reporting, and addressing emerging financial crime risks. For AML Assist clients, this means learning to stay proactive, agile, and compliant in a changing landscape. Our team ensures you’re equipped to meet regulatory priorities, implement risk-based approaches, and adapt to AUSTRAC’s evolving expectations. Ready to start planning your approach to the changing regulations? Let’s talk: https://loom.ly/P3wAEJk #AMLAssist #AMLCTF #AUSTRAC

Being aware of what tools are at your disposal and what progress is being made is essential for prevention. Check out the latest from the Basel Institute on Governance here. #aml #fraud #cft #fincrime #knowledgeispower

Interesting discussion on the effectiveness of measures to reduce economic crime. I recommend reading the report first for deeper insight.

🔍 FATF June 2024 Update 🔍 The FATF has announced updates to its list of jurisdictions under increased monitoring. Here are the details: New Jurisdictions under Increased Monitoring: 🚨 Monaco 🚨 Venezuela Jurisdictions No Longer Subject to Increased Monitoring: 👏 Jamaica 👏 Türkiye For the full release refer to: https://lnkd.in/dHNyWGr7 It is pertinent to note that risks must be seen in context as well as to keep abreast of other jurisdictional lists such as the EU list of high-risk third countries in terms of AML/CFT regimes: https://lnkd.in/daVSwigh #FATF #AML #CFT #Jurisdiction #Risk #GlobalUpdates

This is the 13th annual Public Edition report of the #Basel AML Index, an independent, data-based ranking and risk #assessment tool for #money laundering and related financial #crime risks around the world. The Basel AML Index provides risk scores for countries and #jurisdictions based on data from 17 publicly available sources such as the Financial Action Task Force (FATF), Transparency International and the Global Initiative against Transnational Organized Crime. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #fatf

Explore groundbreaking findings from our inaugural EMEA AML Survey, the first of its kind, in collaboration with 27 PwC network territories and covering 40 countries. Discover insights highlighting AML efforts across EMEA, from regulatory hurdles to technological strides.💡Tune in Virtually on Wednesday, April 24, for the debut of our survey reports. 🗓️ Esteemed speakers will provide invaluable insights. Don't miss out – secure your spot now!  https://lnkd.in/ezSzer-y #AML #FinancialCrime #EMEA #PwCInsights #AML4U #AFC #AMLBenchmarking #AMLinsights #AMLchallenges #AntiFinancialCrime #AMLeffectiveness Lars-Heiko Kruse Dominik Schauerte, CFE Lothar Mueller

Why the Regulation of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing is the game changer? 🔔 firstly, it is a single rule book, which will apply consistently across all the EU member states, without a need for country level implementation, 🔔 secondly, the enforcement of the regulation will be supervised and coordinated by the AMLA. AMLA based in Frankfurt am Main will act at the EU level. In case of a fight against ML internationally coordinated and consistent approach is always more efficient, as criminals already act at a global level and leverage from the so far insufficient, only country-based law enforcement effort. 🔔 thirdly, the regulation clearly highlights the need for a compliance ecosystem, including the three lines of defence. Moreover, it brings an obligation to independently test the programme. So, from now on, all obliged institutions will have to apply a comprehensive risk control system, instead of just an AML procedure 🔔 finally, although the rules will apply 3 years from now but is not a long time at all. So it might make sense to start revising and, where needed, redesigning the AML programs from now on, as the change enforcement process usually takes some time too. Thank you for bearing with me! Document link: https://lnkd.in/dmmctTFj #AML #AMLCOMPLIANCE