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
May 2024
This month’s highlights include:
The Royal United Services Institute (RUSI) published a policy brief on Disabling the Enablers of Sanctions Circumvention which identifies common mechanisms by which professional service providers facilitate sanctions evasion.
Interpol published a Global Financial Fraud Assessment that highlights how the increased use of technology is enabling organised crime groups to better target victims around the world.
The Council of the European Union (EU) adopted a package of new anti-money laundering (AML) rules that will exhaustively harmonise AML rules for the first time throughout the EU, closing loopholes for fraudsters. It extends the AML rules to new obliged entities, such as most of the crypto sector, traders of luxury goods, and football clubs and agents.
The Payment Systems Regulator (PSR) opened consultations on a proposition to direct banks and other payment firms participating in CHAPS (the UK’s real- time, high-value sterling payment system) to reimburse their customers who have been victims of authorised push payment (APP) scams.
The US Department of Treasury released the 2024 National Strategy for Combating Terrorist and Other Illicit Financing, which provides a blueprint of the US government’s goals, objectives, and priorities to disrupt and prevent illicit financial activities.
What other publications and regulatory changes caught your eye in May? 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