FINTRAIL produces a monthly summary of FinCrime regulatory changes and publications. This document covers:
Key updates from global and local regulators
Key updates from industry guidelines
Additional insights identified from financial intelligence units
November 2022
This month’s highlights include:
The Financial Action Task Force (FATF) has published a report on money laundering from fentanyl and synthetic opioids. The report notes that traffickers sometimes take payment through virtual assets and that sophisticated multinational criminal networks rely on professional money laundering networks.
As the war in Ukraine continues, more Russia-related sanctions have been imposed by the UK, US, EU, and others. The EU Commission has updated its FAQs on state-owned enterprises and FAQs on asset freezes and the prohibition to provide funds or economic resources. The UK’s Office of Financial Service Implementation (OFSI) also updated its sanctions guidance.
The Wolfsberg Group has published principles on using artificial intelligence and machine learning in financial crime compliance. While supportive of these technologies, the Group notes it is crucial to consider data ethics principles and to understand the potential effects to ensure fair, effective, and explainable outcomes.
What other publications and regulatory changes caught your eye in November? If you are interested in speaking to the FINTRAIL team about any of the items in the REG-CAP, have any ideas for inclusion, or want to discuss any other financial crime topic, please get in touch: contact@fintrail.com