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 2024
This month’s highlights include:
The Wolfsberg Group has made updates to the Country Risk FAQ document, based on members’ current best practices and to suggest how the Group believes those practices should develop over time.
The Wolfsberg Group has also published the Principles for Auditing a Financial Crime Risk Management Programme for Effectiveness.
The Financial Action Task Force (FATF) has updated its guidance on Beneficial Ownership and Transparency of Legal Arrangements following revisions made to Recommendation 25 last year and consultation responses on the topic.
The first Global Fraud Summit has been hosted in the UK. As part of the summit, ministers signed up to a communiqué setting out an agreed global framework to tackle fraud and declaring fraud an increasing transnational threat.
The UK Government announced changes to strengthen the requirements applicable to banks and other payments service providers when they intend to terminate a contract for payment services (such as a current account).
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 RegCap, have any ideas for inclusion, or want to discuss any other financial crime topic, please get in touch: contact@fintrail.com