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
June 2023
This month’s highlights include:
The Financial Action Task Force (FATF) published a targeted update on implementing standards for virtual assets and virtual asset service providers. The report finds global implementation is “relatively poor, and compliance remains behind most other financial sectors”.
Interpol issued a warning on the prevalence of human trafficking schemes where victims are forced to work in online scam centres.
The European Banking Authority (EBA) published a report stating that money laundering and terrorist financing risks in payment institutions are not managed effectively.
The UK’s Payment Systems Regulator (PSR) published a policy statement outlining new requirements for reimbursing victims of authorised push payment (APP) fraud within the Faster Payments system.
What other publications and regulatory changes caught your eye in June? 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