When financial institutions exchange payments, they must also exchange essential data associated with them – for example, the payment amount, currency, sender and receiver, intermediary institution details, and other important information. This information needs to be structured to be usable […]
On May 11, 2023, Canada’s division of the global anti-corruption non-government coalition Transparency International (TI) published a whitepaper on establishing a Canadian Financial Crime Agency (CFCA). The report follows Canada’s 2022 budget, which laid out plans to bolster Canada’s ability […]
The recent Guidance Paper on Transaction Monitoring from the Philippines Office of the Deputy Governor of Financial Supervision describes the comprehensive capabilities required to fight financial crime. As the financial services world gets smaller with the introduction of more real-time […]
On May 9, 2023, the Monetary Authority of Singapore (MAS) announced that the Financial Services and Markets (Amended) Bill (FSM(A)B) had been passed by parliament, creating a regulatory framework for MAS’ secure information-sharing platform that is due to launch in […]
On April 18, 2023, Singapore’s Ministry of Home Affairs (MHA) and the Smart Nation and Digital Government Office (SNDGO) proposed stricter laws to strengthen the country’s defense against scams facilitated by money mules. While the police investigated more than 19,000 […]
What’s happened? On March 16th, the Financial Conduct Authority (FCA) issued a “Dear CEO” letter to payments firms authorized or registered under the Payment Services Regulations 2017, and Electronic Money Regulations 2011. In it, Matthew Long, the FCA’s Director of […]
To deliver an effective, compliant fraud and anti-money laundering (AML) program, many firms decide to partner with a regulatory technology (RegTech) vendor. The vendor evaluation process often focuses on factors like the scope and quality of their data, ease of […]
On February 3, 2023, the Australian government published a consultation paper, exploring which elements of the cryptocurrency ecosystem require additional regulation. This paper follows a joint statement issued in August 2022 by Treasurer Jim Chalmers and Assistant Minister for Competition, […]
On January 26, 2023, the UK government signaled it would introduce amendments related to corporate criminal liability reform in the Economic Crime and Corporate Transparency Bill. During a debate in the House of Commons, numerous new clauses were considered for […]
When asked which area of their compliance function would be at risk in an audit, 48 percent – the highest proportion – told us it would be their knowledge of regulations. This blog explores the evolving anti-money laundering regulatory landscape, examining several global trends and themes in major economies.
The Assistant Secretary for Terrorist Financing and Financial Crimes at the US Treasury, Elizabeth Rosenberg, has addressed the need for additional regulatory clarity and more public-private engagement between the government and the virtual assets industry. Rosenberg’s remarks follow the end […]
On October 5, 2022, the Australian Transaction Reports and Analysis Centre (AUSTRAC) published guidance aimed at helping reporting entities identify and verify sources of funds and wealth as part of their know-your-customer (KYC) processes. The advice was drafted earlier this […]
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