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
October 2024
This month’s highlights include:
GLOBAL: The Financial Action Task Force (FATF) has concluded its plenary, and made changes to its list of countries under increased monitoring (the “grey list”).
GLOBAL: The Basel Institute has announced it is going to update its AML Index to include fraud as a predicate threat in its assessment methodology.
Europe: The European Securities and Markets Authority (ESMA) has published its first consolidated report on sanctions and measures imposed by the National Competent Authorities (NCAs) in Member States in 2023.
UK: The UK’s Payment Systems Regulator (PSR) authorised push payments (APP) fraud reimbursement regime went live on 7 October. The Financial Conduct Authority (FCA) has published a ‘Dear CEO Letter’ on its expectations on APP fraud reimbursement, including anti- fraud systems and controls, consumer duty, and information on the availability of alternative dispute resolution procedures.
What other publications and regulatory changes caught your eye in October? If you are interested in speaking to the FINTRAIL team about any of the items in the RegCap, have any ideas for inclusion, or want to discuss any other financial crime topic, please get in touch: contact@fintrail.com