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
April 2023
This month’s highlights include:
The Wolfsberg Group published updated guidance on anti-bribery and corruption compliance. The guidance covers firm-wide anti-bribery and corruption policies, governance with roles and responsibilities and access to top management, periodic risk assessment, training and awareness, and monitoring and testing for compliance.
The Financial Conduct Authority (FCA) published its three-year business plan. The plan aims to focus on slowing growth in victims and losses in fraud and Authorised Push Payment (APP) cases.
The Virtual Assets Contact Group of the Financial Action Task Force (FATF) met to discuss global progress and challenges in regulating virtual assets. The Group acknowledged the failure of many countries to implement the strengthened requirements outlined in Recommendation 15, which includes the ‘travel rule’ that requires obtaining, holding, and transmitting originator and beneficiary information relating to virtual assets transactions.
What other publications and regulatory changes caught your eye in April? 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