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
July 2024
This month’s highlights include:
GLOBAL: The Financial Action Task Force (FATF) has released its fifth report on the “Implementation of FATF Standards on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs),” highlighting progress and challenges in regulatory measures.
EUROPE: The European Banking Authority (EBA) has unveiled new Guidelines on the ‘travel rule,’ detailing the necessary information to accompany fund and crypto-asset transfers. These Guidelines specify data requirements for originators and beneficiaries, and establish protocols for handling incomplete information.
UK: The Financial Conduct Authority has proposed amendments to its guidance FG17/6, concerning the treatment of politically exposed persons (PEPs). The updated guidance, referenced as GC24/4, aims to provide clearer direction on the identification and management of PEPs and relatives and close associates (RCAs).
FINTRAIL PICKS: Singapore has released its updated Terrorism Financing (TF) National Risk Assessment (NRA) and National Strategy for Countering the Financing of Terrorism (CFT) to address evolving terrorism threats.
What other publications and regulatory changes caught your eye in July? 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