Log in/out

Our extensive knowledge at your fingertips

Money Laundering & Terrorist Financing

Over 20 years of articles and reference material

A page dedicated to global, regional, UK and US anti-money laundering developments and initiatives.

Browse the resource database or make a sub-selection:

Menu

Latest editions

Search

U

Topics

Industry

Organisation

Jurisdiction

Region

US Treasury scraps penalties for U.S. businesses under ownership reporting rule, shifting focus to foreign entities

March 2, 2025

Treasury will no longer enforce penalties for U.S. citizens or domestic companies under the Corporate Transparency Act’s beneficial ownership reporting rule, both under current deadlines and after forthcoming rule changes.

US Treasury unites with global partners to cut off ISIS financing, strengthening efforts to disrupt funding networks and prevent new financial loopholes

February 28, 2025

The United States, Italy, and Saudi Arabia convened the 21st Counter ISIS Finance Group (CIFG) meeting, emphasising the need for global cooperation to disrupt ISIS financing. Participants discussed ISIS’s use of traditional and digital financial channels, including cash couriers, hawalas, and virtual assets.

Europol arrests 25 in global crackdown on AI-generated child abuse material, as EU weighs new laws to criminalize AI-generated CSAM and strengthen online platform accountability

February 28, 2025

Europol, in coordination with law enforcement from 19 countries, arrested 25 individuals in Operation Cumberland, one of the first cases targeting fully AI-generated child sexual abuse material (CSAM). EC is now proposing new regulations to criminalize synthetic CSAM, strengthen platform accountability, and enhance law enforcement tools as many EU Member States lack specific legislation…

FINTRAC releases new guidance and form for reporting terrorist-linked and sanctioned property

February 28, 2025

The new guidance takes effect on March 2, 2025, for property tied to individuals or entities under the United Nations Act. It extends the existing obligation for property linked to terrorist groups or listed persons under the Criminal Code. From October 1, 2025, it also applies to property connected to entities under the Special Economic Measures Act and the Justice for Victims of Corrupt Foreign Officials Act…

 

FinCEN announces it won’t issue fines for missed beneficial ownership filings until new deadlines are set by an upcoming rule, ensuring clarity and minimising burden on businesses

February 27, 2025

No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported.

EBA approves the European Commission’s changes to MiCAR RTS but urges future updates to include key supervisory measures like market abuse policies and independent DLT audits

February 27, 2025

While the EBA accepts the amendments, including the deletion of certain elements and the clarification of internal governance requirements, it urges further updates to include essential supervisory measures like independent third-party audits for Distributed Ledger Technology (DLT) and a more comprehensive assessment of the management body’s suitability, especially regarding the concept of “good repute” for key personnel.

FinCEN urges banks to crack down on surging investment scams exploiting romance, dating apps, and social media

February 26, 2025

In support of the multi-agency #DatingOrDefrauding campaign, FinCEN urges financial institutions to stay vigilant against suspicious activity related to relationship investment scams, which contributed to over $650 million in reported losses in 2023. The campaign aims to raise awareness about scams targeting victims via dating apps, social media, and wrong-numbered texts.

FATF consults on complex proliferation financing risks and sanctions evasion to inform new typologies report

February 26, 2025

The final report will provide an updated overview of complex sanctions evasion typologies, identify enforcement challenges, and highlight best practices to aid in countries’ proliferation financing risk assessments and mitigation strategies.

EU report on “Algorithmic Discrimination under the AI Act and GDPR,” warns of growing legal uncertainty as the AI Act (Aug 2024) collides with strict GDPR data rules

February 26, 2025

Regulatory uncertainty over AI’s role in credit scoring, AML, and fraud detection grows as the AI Act permits processing sensitive data to detect bias, while GDPR imposes strict restrictions. Authorities, including the EDPB and national DPAs, are working on guidance, but no timeline has been set…

FATF amends Recommendation 1, 10 and 15 to enhance financial inclusion

February 25, 2025

With 1.4 billion people still unbanked, the amendments aim to promote financial inclusion by emphasizing proportionality and simplified measures within a risk-based approach. In further support, the FATF is revising its Guidance on AML/CFT measures related to financial inclusion and has launched a public consultation for feedback, particularly seeking case studies on providing services in higher-risk areas and addressing non-face-to-face interaction risks.

SEC launches Cyber and Emerging Technologies Unit (CETU) to combat AI, Crypto, and Tech Fraud, safeguarding retail investors

February 25, 2025

Led by Laura D’Allaird, the unit comprises approximately 30 fraud specialists and attorneys. CETU focuses on areas such as fraud involving emerging technologies like artificial intelligence and machine learning, misuse of digital platforms for fraudulent activities, unauthorized access to nonpublic information, retail brokerage account takeovers, blockchain and crypto asset fraud, compliance with cybersecurity regulations among regulated entities, and fraudulent cybersecurity disclosures by public issuers…

 

 

 

 

FATF consults on proposed revisions to Recommendation 16 and its Interpretive Note to ensure technology-neutral standards for cross-border payments, enhancing speed, cost-efficiency, transparency, and security

February 24, 2025

These updates aim to maintain technology neutrality and uphold the principle of “same activity, same risk, same rules” while enhancing the speed, cost-efficiency, transparency, and security of cross-border payments, in line with the G20 Priority Action Plan.