Anna Ignatenko’s Post

Big and important news from CSSF this week on the new AML CFT regulation, the 6th AMLD and the future European AML CFT supervisor. Are you lost? We are not! 😉🏆 Me and the BDO team are happy to help you navigate the AML KYC landscape and implement market best practices and these new laws into your organisation!💡⏰📲 https://lnkd.in/ddi3q456

Another reminder from MAS on AML/CFT expectations https://lnkd.in/gqak95vD This MAS information paper on AML/CFT supervisory expectations reinforces fundamental principles around customer risk assessment, red-flag identification, source of wealth (SOW) verification, and holistic monitoring. This guidance underscores the importance of balancing prevention and detection in AML/CFT frameworks: Prevention: Strengthening onboarding controls and understanding customer profiles from the start is essential. From rigorous customer risk assessment to SOW verification, MAS emphasizes preventive practices that help identify high risk customers early, protecting institutions from potential exposure. Detection: Effective AML/CFT frameworks must go beyond prevention. Enhanced red flag identification, combined with holistic monitoring across business units, strengthens the detection of suspicious activities within existing customer relationships, enabling faster and more accurate responses to potential risks. Moreover, as financial crime tactics evolve, existing practices need to be continually revisited to address new risk typologies. For instance, customers with multiple nationalities, the heightened scrutiny of PEPs, and the integration of RegTech highlight the need for a risk-based, proactive approach to AML/CFT compliance. My take as IA: when things get complex, it helps to go back to basics: stay curious, ask why, and challenge assumptions.

The AML/CTF Act imposes obligations on financial service and credit providers that provide designated services and are geographically linked to Australia (Reporting Entities). These Reporting Entities are required to establish a written AML/CTF Program that addresses potential risks related to money laundering (ML) and terrorism financing (TF). All Reporting Entities must implement one of three types of AML/CTF Program: - Standard AML/CTF Program; - Joint AML/CTF Program; or - Special AML/CTF Program. Read more about the obligations and make sure you know which type your business needs to implement. #financialservices #aml #compliance #austrac #antimoneylaundering

🚨 Two Ways a Risk Assessment Can Benefit Your AML/CFT Program 🚨 Sharing our new article written by Brandi Reynolds, CAMS-Audit, CCAS, which discusses the importance of AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) risk assessments in light of FinCEN's proposed rule to strengthen and modernize AML/CFT programs. Key Points: Risk assessments are becoming mandatory for effective AML/CFT programs. >Guides frequency and scope of independent testing. >Informs staff and technology resource allocation. >Requires integration of government AML/CFT priorities. >May lead to increased enforcement actions. 📰 Don't miss out! Read the full article to make sure your AML/CFT program is up to date and compliant: https://hubs.li/Q02Kypm00

Explore the EU's new AML/CFT framework with ComplyAdvantage's comprehensive guide.

🚨 Two Ways a Risk Assessment Can Benefit Your AML/CFT Program 🚨 Sharing our new article written by Brandi Reynolds, CAMS-Audit, CCAS, which discusses the importance of AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) risk assessments in light of FinCEN's proposed rule to strengthen and modernize AML/CFT programs. Key Points: Risk assessments are becoming mandatory for effective AML/CFT programs. >Guides frequency and scope of independent testing. >Informs staff and technology resource allocation. >Requires integration of government AML/CFT priorities. >May lead to increased enforcement actions. 📰 Don't miss out! Read the full article to make sure your AML/CFT program is up to date and compliant: https://hubs.li/Q02Kypm00

Yesterday, 19th June 2024, the AML Package was published In the Official Journal of the EU!   🏛 Through the Regulation establishing the AML Authority (Reg. (EU) 2024/1620), a new supervisory framework will be created. The authority, based in Frankfurt am Main, will directly and indirectly supervise the financial sector, but also oversee the non-financial sector. The Authority should assume most of its tasks and powers by 1 July 2025 and start the direct supervision in 2028. 📖 With the Single Rulebook (Reg. (EU) 2024/1624), all rules currently applying to the private sector through the 5th AML/CFT Directive will be harmonized. Eventually, no more discrepancies will exist in the AML/CFT framework applicable to the financial (and non-financial) sector of the Member States. It will apply as of 10th July 2027.   🛠 Finally, the AMLD6 (Dir. (EU) 2024/1640) aims at streamlining the tasks of supervisors and FIUs, to make the cross-border cooperation smoother and swifter. Member States have 3 years from its entry into force to transpose it in their national legislation. For further details: https://lnkd.in/dCY8HRai For the final texts: - The Regulation establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLAR): https://lnkd.in/dPFFWd6Y - The Regulation (EU) 2024/1624 (EU « single rulebook »): https://lnkd.in/d7iDki6v - The Directive (EU) 2024/1640 (AMLD6): https://lnkd.in/ddbzq7Mw Deloitte #DeloitteLu #AMLCFT #AMLD6

HM Treasury is seeking improved “proportionality” and “additional clarity” in plans for technical changes to the #Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (#MLRs). The move comes as the #Treasury ponders radical changes to the anti-money laundering (AML) #supervisory regime, which could a see a single AML supervisor for #legal services – the Solicitors Regulation Authority has put itself forward for the role. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #uk #unitedkingdom

Delve into the impacts of the European Union's updated AML/CFT framework by checking out ComplyAdvantage's in-depth guide. Equip your organization to navigate the compliance environment effectively. https://okt.to/za3nqL

Basel AML Index 2024 | OSIN Powered By: Dragnet Alpha In this week's One Story In Number (OSIN), we delve into the Basel AML Index 2024 Read More: https://zurl.co/h518c Product Insights – https://zurl.co/RZAj #BaselAMLIndex #MoneyLaundering #FinancialCrime #FraudPrevention #AMLCompliance #GlobalRisk #FATF #FinancialTransparency #AMLTrends #AntiMoneyLaundering