On 17 February 2015 the Central Bank of Ireland published a report of its observations in relation to AML/CFT and financial sanctions compliance. The report deals with the Irish banking sector, but the issues identified by the Central Bank will be familiar to compliance professionals working throughout the world and it is useful reading for […]

The Financial Action Task Force (FATF) has provided two updates relating to its task of identifying jurisdictions that threaten the international financial system due to strategic Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) deficiencies. The FATF published the following documents: A public statement on jurisdictions with strategic AML/CTF deficiencies, which calls on FATF members to […]

The directive and regulation will strengthen EU rules against money laundering and ensure consistency with the approach followed at international level. The draft regulation deals more specifically with information accompanying transfers of funds. International recommendations The texts implement recommendations by the Financial Action Task Force (FATF), which is considered a global reference for rules against […]

European money laundering rules strengthened to undermine terrorist financing Prevention of money laundering and terrorist financing has been strengthened by an agreement between the Council of the European Union and the European Parliament. The new directive and regulation will make Europe more consistent with the approach followed internationally on information accompanying the transfer of funds, […]

Transparency International calls on governments and their enforcement authorities across the world to combine forces to end money laundering impunity. These authorities should assign the highest priority to prosecuting individuals and banks when clear evidence exists of their involvement in illicit international financial transactions. José Ugaz, Chairman of the Board of Directors of Transparency International, […]

The Swiss Financial Market Supervisory Authority FINMA has opened a consultation on the draft revised version of the FINMA Anti-Money Laundering Ordinance. The revised ordinance reflects both the revised Anti-Money Laundering Act of 12 December 2014 and the revised Financial Action Task Force recommendations. The revised ordinance also includes insights gained from supervisory practice and […]

The tightening of international banking standards is making it difficult for low-income people in the global south to get access to banking service When people in developing countries don’t have access to a bank account, physical proximity to a bank is usually the first challenge that springs to mind, but sometimes the reason a person […]

The ultimate owners of companies will have to be listed in central registers in EU countries, open both to the authorities and to people with a “legitimate interest”, such as journalists, under a Parliament/Council deal endorsed by the Economic and Monetary Affairs and Civil Liberties committees on Tuesday. The new anti-money laundering directive aims to […]