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Regulatory news and updates for the week ending January 31, 2025
Australia issues new sanctions compliance guidance
The Australian Sanctions Office (ASO) has published six new guidance notes intending to help Australian-regulated entities and businesses better comply with Australian Sanctions. The ASO has also released a Sanctions Compliance Toolkit and Sanctions Risk Assessment Tool.
DOJ and FBI conduct international operations to remove malware
The Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) of the US announced a law enforcement operation that deleted malware from thousands of infected computers worldwide. A group of hackers used this malware to infect, steal and control information from the victim’s computers.
Two largest cyber forums taken down in a joint operation
The world’s largest two cybercrime forums were cracked down in an operation by Europol involving law enforcement agencies of eight countries. These forums were an easy entry point to Crime-as-a-Service (CaaS) and a marketplace for illicit goods with more than 10 million users.
Regulatory news and updates for the week ending January 24, 2025
Philippines issues draft guidelines for account information sharing
Bangko Sentral ng Pilipinas (BSP), the Central Bank and financial regulator of the Philippines has issued draft guidelines for account information sharing under its Republic Act (RA) No. 12010 or the Anti-Financial Account Scamming Act (AFASA). As per the AFASA, BSP is authorized to investigate and enquire financial accounts involved in prohibited acts or offences. This new guideline will facilitate information sharing only to investigate and prosecute cases involving violations of the AFASA
RBI issues directive to enhance fraud risk monitoring and prevention
The Reserve Bank of India (RBI), the regulator of financial institutions and banks in India has issued a directive to use the Mobile Number Revocation List (MNRL) available on the Digital Intelligence Platform (DIP) developed by the Department of Telecommunications (DoT). This can help prevent the usage of mobile numbers as “ubiquitous identifiers”, an easy tool scamsters use.
China implements its amended AML Law
The amended Anti-Money Laundering (AML) Law of the People’s Republic of China was adopted in November 2024 and came into force in the first week of January 2025. This amended AML law aims to strengthen the AML supervision, management and investigation system in the country.
Regulatory news and updates for the week ending January 17, 2025
MENAFATF meets to adopt its strategic plans
Middle East and North Africa Financial Action Task Force (MENAFATF), the voluntary and cooperative entity with 18 member nations from the Middle East and North Africa to fight money laundering and terrorist financing met to adopt the five-point strategic priorities. These strategic priorities were approved during the 39th MENAFATF Plenary in November 2024.
INTERPOL publishes its first-ever Silver Notice
INTERPOL, the international organisation facilitating police cooperation and crime control in 196 countries has issued its first-ever Silver Notice. The Silver Notice intends to help trace and recover criminal assets, combat transnational organized crime and enhance international police cooperation. The organisation has colour-coded notices and diffusions enabling countries to share information worldwide.
US, Japan and South Korea issue joint warning to DPRK
The US, Japan and South Korea have issued a joint statement urging the crypto industry to guard against cyberattacks and avoid hiring North Korean IT workers. They stress public-private collaboration to counter these threats and safeguard global financial systems. This statement comes after the North Korean hackers stole over $659 million in cryptocurrency in various thefts over the year 2024.
Sanctions regime on people smuggling announced by the UK Government
The UK government has announced to implementation of a sanctions regime targeting the people smuggling ringleaders and gangs. This sanctions regime intends to starve criminal actors of illicit finance fuelling their operations and will be implemented by the end of the year 2025.
Regulatory news and updates for the week ending January 10, 2025
FATF publishes consolidated assessment ratings and follow-up reports
The Financial Action Task Force (FATF) has published its overall effectiveness and technical compliance ratings for all countries. These ratings are given using the 2013 Assessment Methodology. FATF has also published its follow-up reports on the progress of Georgia, Monaco, Croatia and Poland’s technical compliance. These countries are re-rated on recommendations and are categorised into the enhanced follow-up category.
Papua New Guinea launches its AML Joint Taskforce
Papua New Guinea has launched its Anti Money Laundering Joint Taskforce (AMLJTF) for coordination and effectiveness of asset recovery and AML efforts in line with FATF’s action list. This task force has various government agencies like the Independent Commission Against Corruption (ICAC), Financial Analysis and Supervision Unit (FASU) of the Bank of PNG, PNG Customs Services, the Auditor General’s Office (AGO) and others. Other enforcement agencies are set to join this taskforce in 2025.
Philippines invites public consultation to set up the regulatory framework for VAs
The Securities Exchange Commission (SEC) of the Philippines has invited public consultation and feedback to establish the regulatory framework for virtual assets (VAs) in the country. The proposed framework aims to align with international standards like the guidelines of the International Organisation of Securities Commissions (IOSCO).
Regulatory news and updates for the week ending December 27, 2024
UN General Assembly adopts Convention against Cybercrime
The United Nations General Assembly consisting of 193 member nations adopted the Convention against Cybercrime to strengthen international cooperation in preventing and combating cybercrime. This convention will be signed formally and come into force in the first quarter of 2025.
Europol operation seizes cryptocurrency worth EUR 27 million
The European Union’s European Union Agency for Law Enforcement Cooperation (EUROPOL) in a joint operation with law enforcement agencies of 6 countries dismantled the underground bankers network. Albania, Bulgaria, Belgium, Netherlands, Spain and US were a part of this joint operation leading to the arrest of 9 drug traffickers and the seizure of valuables and cryptocurrency worth 27 million EUR.
OFAC Sanctions 20 individuals linked to illicit drug trade
The Office of Foreign Assets Control (OFAC) of the US has sanctioned 20 individuals linked to global illicit trade located across 7 countries. These sanctions underscore the country’s efforts to combat the threat of drugs and are in collaboration with the law enforcement agencies of Colombia, Lithuania, and New Zealand.
Regulatory news and updates for the week ending December 20, 2024
Wolfsberg Group publishes guidance on Payment Transparency
The Wolfsberg Group has published a guidance on roles and responsibilities of all the components in the payment chain for transparency across the payment market infrastructure. The guidance is an extension of the Wolfsberg Group Payment Transparency Standards published in October 2023 and has to be followed in conjunction with this.
(Source: https://wolfsberg-group.org/news/81)
UNDOC publishes Global Report on Trafficking in Persons
The United Nations Office on Drugs and Crime has published its report on Trafficking in Persons which gives a bird’s eye view of the patterns and flows of trafficking at global, regional and national levels covering 156 countries. This report focuses on the trends of detections and convictions comparing with the data since UNDOC’s work started in 2003.
AUSTRAC summarises changes included in the AML/CFT Act for its REs
The Australian Transaction Reports and Analysis Centre (AUSTRAC), the FIU of Australia has summarised the proposed changes in its upcoming AML/CFT Amendment Bill 2024 for all of its currently regulated entities. These changes majorly focus on shift from a compliance-based approach to a risk-based, outcomes-oriented approach.
Singapore implements its Shared Responsibility Framework (SRF)
The Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority of Singapore (IMDA) , the FIU and telecom department of the country implemented Shared Responsibility Framework (SRF) from 16 December 2024. The SRF aims to fight phishing scams through a detailed shared responsibilities framework in the country.
Regulatory news and updates for the week ending December 13, 2024
Australia invites consultation for its new AML/CTF Rules
The Australian Transaction Reports and Analysis Centre (AUSTRAC), the FIU of Australia has invited consultation from businesses and industry associations on the new draft of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Rules. This draft is an extension of the AML/CTF Amendment Bill 2024 by the country’s Federal Parliament which intends to increase flexibility and reduce regulatory impact on businesses.
INTERPOL’s financial crime operation seizes USD 400 million and record 5500 arrests
In a global operation involving law enforcement agencies from 40 countries, INTERPOL has arrested 5500 individuals and seized more than USD 400 million in virtual assets and other government backed currencies. This was a targeted operation against cybercrimes of voice phishing, romance scams, online sextortion, investment fraud, illegal online gambling, business email compromise fraud and e-commerce fraud.
Google Cloud and SWIFT join hands to develop anti-fraud technologies
Google Cloud and SWIFT, the global financial messaging service provider have announced a collaboration to develop anti-fraud technologies using advanced Artificial Intelligence and federated learning to combat frauds in cross-border transactions. This initiative also includes twelve global financial institutions with Google Cloud as a strategic partner.
Regulatory news and updates for the week ending December 6, 2024
ICAR publishes its Basel AML Index for 2024
The International Centre for Asset Recovery (ICAR) develops and maintains a Basel AML index every year. This independent data based index ranks money laundering and terrorist financing risks around the world.
AUSTRAC cracks down non-compliant crypto ATM providers in the country
The Australian Transaction Reports and Analysis Centre (AUSTRAC), the Financial Intelligence Unit of Australia, has taken action against crypto ATMs providing digital currency exchanges (DCEs) that don’t comply with the country’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006.
OFSI publishes financial sanctions guidance for high-value dealers and art market participants
The Office of Financial Sanctions Implementation (OFSI) of the United Kingdom has published guidance for high-value dealers and art market participants. This guidance aims to help entities and individuals in selling and trading high-value goods, especially in UK-sanctioned jurisdictions.
Regulatory news and updates for the week ending November 29, 2024
APG publishes its yearly typologies report
The Asia Pacific Group (APG), the FATF Style Regulatory Body (FSRB) in the Asia Pacific region has published its yearly typologies report. This report provides comprehensive insights on the latest AML/CFT typologies in this region.
FCA releases policy regulation roadmap for crypto assets
The Financial Conduct Authority (FCA), the financial regulator of the UK has issued a roadmap to regulate cryptoassets in the country. The regulator intends to consider consultations and feedback regarding these reforms and regulate the cryptoasset sector completely by 2026.
UNSC’s CTED publishes report on trends in financing of Foreign Terrorist Fighters Activity
The United Nations Security Council’s (UNSC) Counter-Terrorism Committee Executive Directorate (CTED) has released a report on evolving trends in financing foreign terrorist fighters’ activity (2014-2024). This report throws light on emerging trends and developments in the financing of terrorism.
FinCEN joins Public-Private Partnership to combat fraud and scams
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has joined a national task force for the prevention of fraud and scams in the country. The National Task Force on Fraud and Scam Prevention is a multi-sectoral task force with the financial services sector, technology companies, consumer advocacy groups, information sharing and analysis centres, and federal government agencies to work on a national strategy.
Regulatory news and updates for the week ending November 22, 2024
EU Commission publishes study on high-risk areas of corruption in its member states
The European Union Commission has released a study that reveals the high-risk areas of corruption in its member states. According to this report healthcare, finance, public procurement, defence and security, construction and infrastructure, and sports are key areas that are most vulnerable to corruption in the European member countries.
Australian consults on Enhanced Beneficial Ownership
The Australian Treasury has started the consultation for improving the transparency of corporate structures for the declaration of ownership and control details for listed entities. This consultation is a part of reform that will expand the regulatory enforcement powers of the Australian Securities and Investment Commission.
FinCEN issues guidance on the use of AI Deepfake by bad actors
The Financial Crimes Enforcement Network (FinCEN) of the US has issued a guideline explaining the typologies and red flags associated with GenAI-created Deepfake media by criminals in frauds. This guideline will help FIs identify fraud schemes related to deepfakes.
EBA publishes guidelines for CASPs and PSPs
The European Banking Authority, the regulatory agency for the banking sector in the European Union’s member countries released a guideline focussing on restrictive measures applicable to payment service providers (PSPs) and crypto-asset service providers (CASPs) while transferring funds and cryptocurrencies. These guidelines will be effective from 30th December 30th 2025.
Regulatory news and updates for the week ending November 15, 2024
UNODC publishes report exposing the linkages between corruption, serious and organized crime in sports
The United Nations Office on Drugs and Crime (UNODC) has published a report that exposes the links between corruption and serious and organised crime in sports. Experts from 32 countries and 11 organisations contributed to the recommendations in the report. The report sheds light on competition manipulation, corruption in sports organisations, illegal betting, money laundering, human trafficking, migrant smuggling, etc. in the world of sports.
AFA members sign MoU to collaborate on Anti-Fraud
Member countries of the Asia FinTech Alliance (AFA) signed a Memorandum of Understanding on Anti-Fraud collaboration. The goals of this MoU include raising awareness in public, creating best practices and a unified cross-border approach to handle fraud international fraud cases and sharing information and insights on anti-fraud and others. The AFA established in 2023, includes members from 14 FinTech associations from Asian countries namely Taiwan, Korea, Japan, Philippines, Malaysia, Thailand, Hong Kong, Singapore, Indonesia, Mongolia, Cambodia, Nepal, Vietnam and India.
Singapore publishes Proliferation Financing NRA and its counter-strategy
The Monetary Authority of Singapore (MAS) has published its National Risk Assessment (NRA) for Proliferation Financing (PF) and counter-PF strategy. This NRA determines the vital PF threats to Singapore and high-risk sectors concerning PF and the measures to mitigate these threats.
Regulatory news and updates for the week ending November 8, 2024
FATF publishes the money laundering National Risk Assessment guidance and compliance assessment ratings
The Financial Action Task Force (FATF) has published a Guidance on Money Laundering National Risk Assessment to help countries evaluate and mitigate potential money laundering threats that affect their countries.
The FATF has also published its consolidated assessment ratings for the countries evaluated by the FATF through its FSRBs that implement FATF recommendations. These ratings are based on the effectiveness and technical compliance in the implementation of FATF standards by these countries.
UK, EU and Canada issue new sanctions against military regime of Myanmar
The United Kingdom, European Union and Canada have announced further extensions to their sanctions regime against the Myanmar military regime to restrict Myanmar’s access to military supplies, equipment and funds.
INTERPOL cyber operations take down 22,000 malicious IP addresses
In a global INTERPOL operation including LEAs of Hong Kong, Mongolia, Macau, Madagascar and Estonia more than 22,000 malicious addresses or servers linked to cyber threats were taken down. Phishing, infostealing and ransomware were the three types of cybercrimes that were prioritised for this operation.
Regulatory news and updates for the week ending November 1, 2024
UNODC Publishes report that exposes organised crime threats in the Pacific region
The UN Office on Drugs and Crime (UNDOC) has released a detailed report that highlights the increasing importance of the Pacific region as a transhipment hub and destination point for organised crime syndicates. This report provides an analysis of how criminals are exploiting the geographical location and using new technologies to expand their operations.
UK’s new trade sanctions unit becomes operational
The UK launched the Office of Trade Sanctions Implementation (OTSI) as a part of the Department for Business and Trade. This unit functional from October 2024, will issue guidance for businesses, issue licences and investigate any breach of trade sanctions. The OTSI will work closely with the finance industry making sanctions obligations compliance more straight forward.
Regulatory news and updates for the week ending October 25, 2024
Malaysian authorities expose conglomerate involving child abuse and money laundering
The Malaysian police rescued 625 children and arrested 415 people in connection to a conglomerate that runs over 100 care homes across the country. The authorities have seized assets worth $4.6 million. It is said that the children were exposed to militant-themed videos and were abused sexually.
OFAC Sanctions – Chinese nationals aiding drone production for Russia
The Office of Foreign Assets Control (OFAC) has targeted 3 entities and 1 individual from China that were involved in the development and production of drone equipment for use of the Russian military in the war with Ukraine.
Singapore authorities to implement Shared Responsibility Framework to fight phishing scams
The Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority of Singapore (IMDA) will implement a Shared Responsibility Framework (SRF) to fight phishing scams in the country starting in December 2024. The framework assigns specific responsibilities to financial institutions and telecom companies and sets expectations for compensating phishing scam victims in case of failure to meet their responsibilities.
Regulatory news and updates for the week ending October 18, 2024
FATF updates its Grey-listing criteria
The Financial Action Task Force (FATF), the global watchdog of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), has announced major changes in its grey-listing criteria. This update aims to reduce the pressure on least-developed countries and focus on jurisdictions that pose a greater threat to the global financial system.
Establishment of Multilateral Sanctions Monitoring Team for Implementation of UNSCRs
11 countries have joined hands forming the Multilateral Sanctions Monitoring Team comprising the Governments of the United States of America, Australia, Canada, France, Germany, Italy, Japan, the Netherlands, New Zealand, the Republic of Korea, and the United Kingdom. This team aims to fight the threats arising from the UN Security Council resolutions (UNSCRs).
SWIFT to launch AI-powered anti-fraud service for cross-border payments
Society for Worldwide Interbank Financial Telecommunications (SWIFT) the secure messaging network that facilitates global cross-border payments has announced AI-powered fraud detection services starting early next year. This service aims to help global payments entities protect and fight fraud.
Sri Lanka arrests 230 individuals accused of online scams
The Sri Lankan police have arrested more than 230 foreign nationals who are accused of running online scams. The police have also seized several computers and mobile phones used to run these scams. These suspected criminals were targeting financial institutions and foreign banks.
Regulatory news and updates for the week ending October 11, 2024
Dutch Authorities dismantled 2 crypto exchanges
Dutch authorities parallelly investigating with the United States Secret Service, FIOD (Dutch Tax Authority’s investigative department) took down two crypto exchanges pm2btc and Cryptex and seized crypto assets with 7 Million Euros. Crytptex was reportedly facilitating criminal fund flows and pm2btc was providing cryptocurrency exchange to fiat currencies and vice versa, with criminals using this channel to launder funds.
Fraudulent scheme targeting cities and municipalities in Germany uncovered
Italian and German authorities have uncovered a suspect group that executed fraudulent schemes against public institutions, cities, and municipalities that caused financial damages of several million euros. The suspects ran a fraudulent scheme in Germany using phishing techniques to access invoices to public institutions and companies and manipulated victims making them pay in the accounts of suspects.
UK Sanctions Russian Troops for use of Chemical weapons
The UK Government has imposed sanctions on Russia’s Radiological Chemical and Biological Defence troops, their commander Lt Gen Igor Kirillov and other two Russian defence ministry’s scientific laboratories. The sanctions include a travel ban and an assets freeze. The sanctions are imposed due to the use of chemical weapons by Russian troops against Ukraine, such use of chemicals in warfare is prohibited by International Law.
FATF published 3rd Follow-Up Report & Technical Compliance Re-Rating for Japan
After its mutual assessment in 2021 and after two follow-ups in 2022 and 2023, Japan has no recommendations that are rated partially compliant. Japan has addressed its deficiencies in its MER and the FATF has upgraded its ratings for Recommendations 7, 8, 12, 22, 23 and 25.
Regulatory news and updates for the week ending October 4, 2024
Chinese public victims of “point running” schemes
A new scam has been uncovered in China in which the locals fall victim to a “point running” scheme. “Point running” means moving the cryptocurrencies through various accounts. The victims are duped by saying that moving cryptocurrencies will process transactions and they will earn rewards or commissions. With limited awareness of how digital assets work, the victims are scammed into believing that they are transacting as a side hustle, whereas the victims are in fact acting as money mules and laundering money generated through illegal activities.
To fight Money Laundering, Kuwait prohibits car purchases using cash
In a unique initiative by the Ministry of Commerce and Industry in Kuwait, starting October 1, 2024, car purchases will be restricted to transactions made through banking channels only. This change is a part of the government’s efforts to combat money laundering and channelling the money flow only through banking channels. This will help track the money and verify its source. Not following the regulation may lead to fines and penalties as per the applicable laws.
In a joint operation of LEAs, a criminal phishing network uncovered in Spain
LEAs of Spain, Argentina, Chile, Colombia, Ecuador and Peru along with Europol, the Specialised Cybercrime Centre of Ameripol and EL PACCTO (Europe Latin America Assistance Program against Transnational Organised Crime) have busted a huge criminal network. The network was involved in unlocking and exploiting lost mobile phones through phishing schemes. Over 48 million people who lost their phones were targeted and victimized while attempting to regain access to their devices.
Regulatory news and updates for the week ending September 27, 2024
UN Adopts ‘Pact for the Future’ toward Peace and Sustainable Development
On 22 September 2024, The United Nations General Assembly (UNGA) adopted the Pact for the Future, a comprehensive international agreement designed to modernize global cooperation. The Pact includes a Global Digital Compact and a Declaration on Future Generations, addressing both new and long-standing global issues. Of particular relevance to the AML/CFT community is Action 24 in the Pact’s Outcome Document which aims to prevent and combat transnational organized crime and related illicit financial flows through prevention, detection and investigation of transnational organized crime and strengthening international cooperation.
Police in South Korea and Vietnam Bust Smishing Ring
The South Korean and Vietnamese Police busted a scam ring through a joint investigation. At least 86 suspects have been arrested from South Korea and Vietnam. The ring is accused of extorting Won 10 billion (USD 7.5 million) through smishing and fraud.
The modus operandi was to hack accounts of individuals with the authority to send messages to customers. They then sent text messages that contained wedding invitations or parcel service notifications, containing malicious money extortion software.
FBI publishes Cryptocurrency Fraud Report 2023
The US Federal Bureau of Investigation (FBI) has published the Cryptocurrency Fraud Report 2023 to highlight losses linked to cryptocurrency-related fraud, improve awareness of the most prevalent schemes utilizing cryptocurrencies, and educate the public on the ways to protect themselves against these kinds of frauds. The report describes a number of cases and trends based on the complaints received during the preceding year by the FBI.