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
August 2023
This month’s highlights include:
The Wolfsberg Group published a consultation response on the EBA's proposed guidelines on factors for consideration by credit and financial institutions when addressing money laundering and terrorist financing risks. The response supports the proposed guidelines but suggests several enhancements.
The International Chamber of Commerce (ICC) published a report on how global trade and receivables finance mitigates against proliferation financing. The report discusses the challenges of dual-use goods within the financial services sector.
The Financial Conduct Authority (FCA) published a letter setting out its intentions to review how firms comply with their legal and regulatory obligations concerning the risk management and treatment of politically exposed persons (PEPs).
The FCA also published a statement on expectations for UK crypto-asset businesses complying with the travel rule, highlighting expectations when sending or receiving a cryptoasset transfer to a jurisdiction without the travel rule.
What other publications and regulatory changes caught your eye in August? 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