FINTRAIL produces a monthly summary of FinCrime regulatory changes and publications. This document covers:
Key updates from global and local regulators
Key updates from industry guidelines
Additional insights identified from financial intelligence units
December 2022
This month’s highlights include:
The Wolfsberg Group has published principles for using artificial intelligence (AI) and machine learning in financial crime compliance and risk management programmes, ultimately supporting their use and ability to detect, investigate, and manage financial crime risk.
The Egmont Group, an international organisation of financial intelligence units (FIUs), has released its strategic plan for 2022-2027. The plan identifies four thematic areas of action including enhancing the framework for effective information exchange between FIUs and strengthening cooperation with international partner organisations.
The European Banking Authority (EBA) launched new guidelines to tackle de-risking, ensuring vulnerable customers are not denied access to financial services without a valid reason. The first set of guidelines helps financial institutions understand how NPOs are organised and what they can do to manage ML/TF risks rather than denying access to services.
What other publications and regulatory changes caught your eye in December? If you are interested in speaking to the FINTRAIL team about any of the items in the REG-CAP, have any ideas for inclusion, or want to discuss any other financial crime topic, please get in touch: contact@fintrail.com