April 2020 Regulatory Updates

We’ve listed some of the regulatory updates from around the globe below. Follow us on LinkedIn for more updates.

AUSTRALIA: AUSTRAC has a new customer verification Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) Rule to support the early release of superannuation initiative

CANADA: FINTRAC has issued an update to suspicious transaction reporting

HONG KONG: The Hong Kong Money Authority release new measures for authorised institutions to (AI’s) and store value facilities (SVF) licenses to support COVID-19 impacts. These include remote on-boarding and simplified due diligence, vigilance to financial crimes, ongoing outreach and advice.

NEW ZEALAND: The FMA confirmed that all Financial Markets Conduct Act reporting entities with balance dates up to and including 31 July will also have a further 2 months to provide audited financial statements, if their ability to produce financial statements is legitimately impacted by COVID-19. This extends the current relief from balance dates up to 31 May.

Council of Financial Regulators (CoFR) – there has been a deferral of a number of regulatory initiatives affecting the financial sector

The FMA has advised that any reporting entity not able to meet their 2 year independent AML/CTF programme audit obligations due to COVID-19 should contact them to discuss their position. It will be assessed on a case by case basis.

UNITED KINGDOM: Operators holding a gambling license who have regulatory returns submission due before 20 June 2020 have an additional 4 weeks (28 days) to submit their returns if required. Annual returns have an extension from 42 to 70 days. If aligned with UK financial year end, returns are due by 9 June 2020. For quarterly returns, submission window extended from 28 to 56 days. If aligned with UK financial year end quarters, returns are due by 26 May 2020.

UNITED STATES: Federal and State Regulators Release Updates to BSA/AML Examination Manual

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