AML Compliance

FATF Plenary Outcomes: Argentina, Oman Reports, Senegal Monitoring

The Financial Action Task Force (FATF) has published the outcomes of its recent plenary meeting. Key discussions included reports on Argentina and Oman, as well as ongoing monitoring of Senegal. These outcomes provide updates on the FATF's global efforts against money laundering and terrorist financing.

MAS Issues Environmental Risk Transition Planning Guidelines

The Monetary Authority of Singapore (MAS) has issued new Guidelines on Environmental Risk Management - Transition Planning for banks, insurers, and asset managers. These guidelines set supervisory expectations for managing climate-related transition and physical risks, taking effect from September 2027.

Capital Asia Investments Investigated for Money Laundering and Compliance Failures

The Monetary Authority of Singapore (MAS) and the Police are investigating Capital Asia Investments Pte Ltd and its directors for suspected money laundering and compliance failures. Over S$160 million in assets were seized, and two directors were arrested as part of the ongoing investigation.

Geographic Targeting Order for Southwest Border MSBs

FinCEN has issued a Geographic Targeting Order (GTO) imposing recordkeeping and reporting requirements on certain Money Services Businesses (MSBs) along the Southwest Border. This order aims to enhance efforts against illicit finance and money laundering activities.

FinCEN Fines Canaccord Genuity $80 Million for BSA Violations

FinCEN has assessed an $80 million civil money penalty against Canaccord Genuity LLC for willful violations of the Bank Secrecy Act (BSA). This is the largest penalty ever imposed against a broker-dealer for BSA violations, stemming from failures in anti-money laundering programs and suspicious activity reporting.

Canaccord Genuity LLC - Enforcement Action

FinCEN announced an enforcement action against Canaccord Genuity LLC, citing violations of the Bank Secrecy Act. The action resulted in a consent order and a financial penalty. This action serves as a reminder of the importance of robust AML compliance programs for financial institutions.

FATF Lists Iran, DPRK, Burma as High-Risk; Kuwait, PNG Under Monitoring

FinCEN is informing U.S. financial institutions of the Financial Action Task Force's (FATF) updated lists of jurisdictions with strategic AML/CFT/CPF deficiencies. Kuwait and Papua New Guinea were added to the 'Jurisdictions Under Increased Monitoring' list, while Iran, DPRK, and Burma remain on the 'High-Risk Jurisdictions Subject to a Call for Action' list.

ECB Fines Nordea Finance Finland €2.26 Million for Reporting Breaches

The European Central Bank (ECB) has imposed a €2.26 million penalty on Nordea Finance Finland Ltd for breaching reporting requirements and the large exposures limit over 13 consecutive quarters. The breaches, classified as severe, stemmed from incorrect reporting of guaranteed receivables and deficiencies in internal controls.

FINTRAC Guidance on Proceeds of Crime Act Obligations

FINTRAC has published updated guidance for reporting entities on their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The guidance covers various sectors and key compliance areas such as client identification and transaction reporting.

FINTRAC Supervisory Framework Guidance

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has released its supervisory framework. This guidance outlines the principles, risk framework, and pillars of supervision FINTRAC uses to ensure businesses comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.