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
November 2023
This month’s highlights include:
The Financial Action Task Force (FATF) has had a busy month, updating its Recommendations (specifically Recommendation 8) and new consolidated assessment ratings.
The 12th Public Edition of the Basel AML Index 2023 has been published, revealing that the average global ML/TF risk level has increased slightly since 2022.
Thirteen national financial intelligence units (FIUs) have formed a task force to disrupt international financial flows to Hamas and other terrorist organisations.
The European Banking Authority (EBA) has extended its risk-based AML/CTF supervision guidelines to AML/CFT supervisors of crypto- asset service providers (CASPs). The new guidelines set expectations of the steps supervisors should take to identify and manage ML/TF risks in this sector.
The Financial Conduct Authority (FCA) has published a review of anti-fraud controls and complaint handling in regulated firms, with a focus on APP fraud.
What other publications and regulatory changes caught your eye in November? 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