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
March 2023
This month’s highlights include:
The Financial Action Task Force has released guidance relating to Recommendation 24: Beneficial Ownership of Legal Persons. It stipulates that countries will need to ensure that authorities have correct information on the true owners of companies.
The European Banking Authority launched a public consultation on amendments to its guidelines on risk-based anti-money laundering and counter terrorist financing (AML/CTF) supervision. These changes extend the scope of the guidelines to include crypto-asset service providers (CASPs), including providing sources of information authorities should consider on the ML/TF risks relating to CASPs.
The UK government released the Economic Crime Plan 2, which sets out the government’s priorities in tackling financial crime over the next three years. The Plan acts as an overarching document above a forthcoming Fraud Strategy and alongside a new Anti-Corruption Strategy.
What other publications and regulatory changes caught your eye in March? If you are interested in speaking to the FINTRAIL team about any of the items in the REG-CAP, have any ideas for inclusion, or want to discuss any other financial crime topic, please get in touch: contact@fintrail.com