Complaer’s Post

❗ Key Changes in AML and Sanctions Laws from October 22, 2024 🚨 Attention, Latvian businesses! Significant amendments to the Law on the Prevention of Money Laundering, Terrorism, and Proliferation Financing (AML) come into effect on October 22, 2024. Here are the main points every business needs to be aware of: 1️⃣ Group Company Exemptions – Outsourced accountants and financial service providers operating within a corporate group will no longer be considered AML law subjects, reducing compliance burdens for internal group services. The exemption now also covers real estate intermediaries handling group property transactions. 2️⃣ Crypto Asset Regulation – Starting December 2024, crypto service providers must obtain a license from the Bank of Latvia, aligning with new EU regulations (MiCA). Enhanced due diligence is required for crypto transfers to or from self-hosted wallets. 3️⃣ Client Due Diligence and Documentation – The requirement to create a copy of a client’s identification document during in-person verification has been removed. Now, due diligence is mandatory for transactions from €1,000 (previously, only for amounts exceeding €1,000). 4️⃣ Employee Suitability Checks – Companies must establish procedures to verify the suitability of employees handling AML risks. This is part of broader measures to ensure robust internal controls. 5️⃣ A new risk-enhancing factor has been introduced: the client is a citizen of a third country who is applying for or has received a temporary residence permit in connection with an investment in the share capital of a company, the acquisition of real estate, the purchase of zero-interest government securities, or subordinated liabilities with a credit institution of the Republic of Latvia. ❗ These changes tighten regulations, with a focus on crypto assets and due diligence processes. #AML #CryptoRegulation #Compliance #FinancialRegulation #LatviaBusiness #ClientDueDiligence #CryptoLicensing #RegulatoryChanges #AMLCompliance #Walless

The KYC360 AML Roundup for 19 July 2024👇 Some key articles from this week's Roundup: 👉Financial Firms in Luxembourg Struggling to Recruit Skilled Staff to Meet AML Obligations 👉Cambodian Payments Firm Received Laundered Crypto Worth Over $150,000 👉AUSTRAC Urges Stricter Regulations to Combat Crypto Crimes 👉German Regulator Warns Solaris to Improve AML Controls or Face Further Fines 👉TD Bank Hires Regulatory Experts to Shore Up AML Controls 👉U.S. Sanctions Mexican Accountants Over Links to Cartels 👉U.S Senator Bob Menendez Found Guilty of Corruption 👉UK Anti-Corruption Groups Call for Greater Investment 👇📃 Read the AML Roundup: https://lnkd.in/eTQVs8FS 📩 Sign up for weekly updates here: https://lnkd.in/eaVbA3PV

Last week, as a final step in the lawmaking process, the Counsil of the EU adopted the new AML pack. This includes: 📜 #AMLR! The new Anti-Money Laundering Regulation will serve as the EU-wide single rulebook for AML with directly applicable requirements, including an expanded scope of PEPs, updated UBO requirements, revised Third Country Policy, targeted financial sanctions, specific measures for high-net-worth individuals, and new outsourcing guidelines - among others. There will be an EU-wide limit on cash payments of 10.000 EUR, and member states may chose lower limits. For example, The Netherlands is preparing to implement a 3.000 EUR limit. 🏦 #AMLA! The new Anti-Money Laundering Authority to collectively fight money laundering, recently approved to be seated in Frankfurt, will hold direct supervision of a selected number of high-risk financial institutions and crypto-asset service providers (CASPs). It will also supervise national supervisors indirectly, coordinate the national Financial Intelligence Units (FIUs) and has the authority to adopt guidelines, issue opinions and recommendations - among others. 📃 #AMLD6! The 6th Anti-Money Laundering Directive includes guidelines for national regulations and contains indirectly applicable requirements, serving as guidance for national regulations and implementations. It includes requirements for new national (UBO) registers and access rights, powers and obligations for registrars and national supervisors and clarification of the tasks, framework and enhanced powers for FIU's and their increased international cooperation - among others.

🇬🇧 Achieving Compliance with AML Regulation in the UK International regulatory frameworks protect global organizations and individuals from fraud as financial crime increases with the development of AI-powered tools. Regulatory bodies like the Financial Action Task Force (FATF) serve as international watchdogs, ensuring that nations remain compliant with critical standards and values that serve both global economies and individuals. 👉 In the United Kingdom, several regulatory bodies ensure compliance within different sectors, working together to enable faster detection and disruption of illicit financial activities. UK AML regulation strongly emphasizes risk-based approaches, requiring businesses to assess their unique risks and implement tailored measures to prevent fraud. Over 100,000 businesses in the UK are subject to the FCA’s AML guidelines, including organizations such as crypto exchanges, high-value dealers, financial institutions, accountancies, law firms, real estate agents, and more. 📄 Read our latest guide on UK AML regulation and learn more about the current UK regulatory landscape and how you can keep your business compliant. 👉 https://lnkd.in/eeFERGHB #ukcompliance #regtech 

📣 For anyone dealing with AML, KYC, data protection or identity regulations in the UK, here is your one page guide to the key bodies and regs you need to know from ComplyCube. Key takeaways: ✅ Use a risk-based approach ✅ Maintain audit records and logs ✅ Conduct Customer Due Diligence (CDD) with robust Identity Verification ✅ Screen customers against sanctions, PEPs, adverse media and watchlists ✅ Continuously screen customers for changes so you're never exposed That sounds like a lot, right? Now imagine doing that manually for hundreds of thousands of customers... maybe you don't need to. With ComplyCube, this can literally be done in seconds. All whilst maintaining the highest levels of confidence under the UK's DIATF. Drop me a DM if you want to learn more.

🚨 Surge in AML Enforcement Actions in 2023: Key Insights for Compliance Professionals 🚨 The latest report on AML enforcement actions highlights a significant surge in penalties issued to financial institutions (FIs) globally, totaling $6.6 billion in 2023. This represents a 57% increase from 2022, underscoring the escalating focus on AML compliance. 🔍 Key Highlights: Sanctions Dominate: Sanctions-related fines constituted $4.6 billion of the total AML penalties. Notably, the largest fine of the year was imposed on Binance, amounting to $4.3 billion for AML failings. Crypto and Payments Under Scrutiny: For the first time, digital asset and payments firms surpassed traditional FIs in terms of fine value and severity. This shift signals heightened regulatory scrutiny on digital-first financial services. Regional Trends: North America: Leading with $5 billion in penalties, driven largely by US regulators. China: Second highest, with $1.4 billion in fines, reflecting increased enforcement activity. EMEA: A notable decline in fines, with a 93% drop from 2022, totaling just $76 million. Technology as a Solution: With increasing compliance demands and limited resources, FIs are turning to technology to enhance AML frameworks. Advanced solutions are vital for effective KYC, real-time monitoring, and compliance. As we look ahead to 2024, the regulatory landscape will continue to evolve, especially with new AML authorities being established in the EU and ongoing geopolitical tensions influencing sanctions enforcement. Compliance professionals must stay ahead of these trends to mitigate risks and ensure robust AML programs. Stay informed, stay compliant! 💼🔐 #AML #Compliance #Sanctions #FinancialCrime #Crypto #Payments #RegulatoryCompliance #KYC #Technology #Fines

Hello, Folks Recent developments in KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations are significantly reshaping the compliance landscape globally. 📌EU’s Sixth Anti-Money Laundering Directive (6AMLD): Effective from June 2024, 6AMLD expands the regulatory scope to include virtual assets and crypto service providers, enforcing stricter customer due diligence and mandating the transfer of sender and recipient information for crypto transactions over €1,000. 📌Corporate Transparency Act (CTA) in the US: Effective from January 2024, the CTA requires US companies to report beneficial ownership information to FinCEN. This aims to increase transparency and combat financial crimes involving shell companies . 📌Economic Crime Plan 2 (UK): The UK’s ECP2, introduced in 2023, aims to enhance law enforcement capabilities, increase asset recovery, and tackle financial crimes such as money laundering and sanctions evasion. It also promotes improved information sharing and the use of technology in AML efforts . 📌Regulatory Enhancements in Asia-Pacific and Latin America: Countries like Singapore and Australia are tightening AML/KYC regulations, especially concerning digital payments and cryptocurrencies. Latin American countries, including Brazil and Mexico, are also reinforcing their AML frameworks to address growing illicit activities. 📌International Cooperation and Risk-Based Approaches: International bodies like FATF and Egmont Group emphasize global coordination and information sharing to combat cross-border financial crimes. Risk-based approaches are encouraged to tailor AML/CFT measures to specific risks, enhancing overall effectiveness. 📌Enhanced Due Diligence and Cryptocurrency Regulations: Regulators globally are stressing enhanced due diligence, particularly in high-risk sectors. Cryptocurrencies remain a significant focus, with increased regulatory scrutiny to prevent their misuse in illicit activities. 🎇These changes highlight the dynamic nature of AML/KYC regulations and the ongoing efforts to strengthen financial systems against evolving threats. Financial institutions must adapt their compliance strategies accordingly to stay ahead of these regulatory developments. #AML #KYC #6AMLD #CorporateTransparencyAct #FinancialCrime #CryptoRegulation #BeneficialOwnership #RiskBasedApproach #RegulatoryCompliance #CustomerDueDiligence #InternationalCooperation #EnhancedDueDiligence #FATF #FinCEN #DigitalAssets #update

The EBA has launched a consultation on draft Regulatory Technical Standards (RTS) specifying the criteria according to which crypto-asset service providers (CASPs) should appoint a central contact point to ensure compliance with local AML/CTF obligations of the host Member State. This consultation runs until 4 February 2025. CASPs can provide services in other Member States through establishments other than branches. Once established, CASPs have to comply with local AML/CFT obligations, even if their establishments are not ‘obliged entities’ themselves. This can make the AML/CFT supervision of services provided through these establishments difficult. The draft RTS set out the criteria for determining the circumstances in which the appointment of a central contact point is appropriate, as well as the functions of those central contact points. https://lnkd.in/eJWMWbbu https://lnkd.in/eJsSXAhd

The EU Council of Ministers has adopted the new AML regulation and directive! This will replace most existing AML regimes across EU Member States from mid-2027, aiming to harmonize AML rules and strengthen fight against financial crime. Key Highlights: - From 2028, private sector businesses will be under the new European Supervisory Authority (ESA) in Frankfurt, with direct effect across Member States. - The regulation extends AML rules to the crypto sector, luxury goods traders, and professional football clubs. - Due-diligence requirements are tightened, cash payments capped at EUR10,000, and beneficial ownership information will be freely accessible to those with a legitimate interest. - The directive mandates the creation of centralized bank account registers and grants access to FIUs and national law enforcement via a single access point. - High-net-worth individuals with assets over EUR50 million will face additional vigilance provisions to prevent financial sanctions circumvention. We hope the new authority implements these regulations in a way that benefits everyone involved and doesn't merely add to companies' burdens. What are your expectations for the new AML regulations? How do you anticipate these changes will impact wealth management and family office operations? https://lnkd.in/dnnVfc2S #wealthplanning #amlregulations

What impact do you foresee the new AML regulations having on the wealth management and family office sector? #aml #amlregulations #familyoffice #wealthplanning