Your monthly round-up of AML/CFT updates and news from around the world, with a focus on regulatory updates and bettering your reporting entity's compliance.
FATF Amended Standards
The FATF has amended its Standards to reflect the threat posed by the proliferation of weapons of mass destruction. Countries and financial institutions are now required to identify, assess and mitigate the risks of proliferation financing, and enhance domestic cooperation and information sharing.
FMA's Annual Report 2020
The FMA has released their 2020 Annual Report, highlighting their key work from the 2019/2020 financial year, including their response to the COVID-19 crisis, and a range of enforcement activity.
Privacy Act 2020
The new Privacy Act came into effect on 1 December. Does your organisation understand these changes? Is your business prepared for these changes?
Trade-based Money Laundering
Recognising trade-based money laundering is difficult, particularly when there is a lack of understanding of this technique. A new FATF-Egmont Group report aims to help public and private sector with the challenges of detecting trade-based money laundering.
Continuing on from their raids in October, Police have charged Xiaoyu Lu, a wealthy businessman, with providing a financial service while unregistered, 28 counts of money laundering, and obtaining by deception. He has denied the charges and is awaiting trial.
Latest NZ FIU Suspicious Activity Report
The NZ FIU have released the latest issue of their Suspicious Activity Report. From a recap of the recent FIU / ACAMS Conference to a round-up of recent AML/CFT news from around the world, you're in for an interesting read!