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 2024
This month’s highlights include:
Over 3,000 law enforcement authorities from over 70 countries and international entities have become connected to SIENA, the secure information exchange channel run by Europol.
Europol has issued its first report on the most threatening criminal networks active in the EU, singling out over 800 networks operating in the region and outlining the characteristics that make these criminal actors particularly threatening.
The UK's National Crime Agency (NCA) released its annual SARs statistical report for the period April 2022 to March 2023. The report highlighted a reduction in SARs for the period, mainly attributed to a reduction in SARs from high street banks.
The Financial Conduct Authority (FCA) has published a consultation on proposed updates to its Financial Crime Guide. The most extensive updates are on sanctions and follow the FCA’s 2023 review of firms’ sanctions systems and controls after Russia’s invasion of Ukraine.
A report published by the United Nations Office on Drugs and Crime (UNODC) outlines how illegal waste from around the world, and in particular the EU, ends up in Southeast Asia. The report details how black market criminal groups use tactics such as bribing officials and exploiting legal loopholes to import illegal waste worth billions of dollars.
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 RegCap, have any ideas for inclusion, or want to discuss any other financial crime topic, please get in touch: contact@fintrail.com