April 2020 News in brief

We have witnessed a paradigm shift in financial crime activity and the vulnerabilities across different industry sectors have increased. Many regulators and governments are responding however the responsibility lies with each business to ensure they are protecting their business from money laundering and terrorist financing schemes. We have collated some of the latest AML/CTF news around the globe.

  • J5 countries take on new crypto law updates to combat shifts in financial crime risks due to COVID-19
  • FATF warn uplift in financial crimes activity associated so all regulated entities regardless of industry sector must remain vigilant and follow AML/CTF laws
  • HSBC AU self-reported AML/CTF law deficiencies
  • Westpac appointed Peter King as new full-time CEO and established a new financial crime risk governance committee following AML/CTF law breaches
  • AUSTRAC delays submissions for compliance reports for Australian regulated businesses
  • UK Financial Conduct Authority released its 2020/2021 business plan
  • Guernsey Financial Services Commission have opened a consultation period on proposed changes to the Countering Financial Crime and Terrorist Financing Handbook
  • Luxembourg Law implements 5th AML Directive
  • Canadian businesses should review current policies and procedures regarding their AML obligations with new guidance from FINTRAC

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