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News in brief – May 2020

The impacts of COVID-19 continue to arise globally and we see countries and regulatory bodies implementing and enforcing new measures to minimise the implications of financial crime and in particular anti-money laundering (AML). In such a turbulent economy, the adaptation of AML solutions is increasingly becoming a norm as businesses look to further protect their organisation and customers.

  • Early access to superannuation in Australia has increased identity theft and fraud cases with police already seizing $120,000 in alleged stolen funds
  • Australian Federal Police and AUSTRAC identified overseas child abuse ring
  • FATF warn an increased risk in the use of unregulated sectors to provide additional opportunities for financial criminals to launder illicit funds. AML/CTF programs require reassessment to review any changes to risk and vulnerabilities
  • Ongoing judiciary training indicates that the warning to Malta to step up its fight against money laundering has been taken seriously.
  • Regulators in UAE promote the adoption of AML solutions and regulatory technology to combat financial crimes, in particular anti-money laundering and counter terrorist financing (AML/CTF).
  • Until the full impact of the pandemic can be understood, we have seen countries update their international watch list to identify potential ‘high-risk’ nations and align more with international watchdog FATF.
  • British Gambling Commission enforces liability of white labelled solutions onto provider as the responsibility of ensuring compliance to License Conditions and Codes of Practice fall in the hands of the technology provider.
  • EU Commission launch AML/CTF Action Plan with a single AML supervisor to ensure consistent outcomes with European Banking Authority’s support

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