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#EBA's May Newsletter!! The European Banking Authority (EBA) have published their latest Anti-Money Laundering and Countering the Financing of Terrorism newsletter, summarising their recent work including their guidance to #CASPs (#crypto asset service providers), give a status update on their upcoming Guidelines on #RestrictiveMeasures and Travel Rule, provide a De-Risking Fact sheet, and request public consultations on various topics. With so many efforts and changes underway, keeping up with the EU can seem impossible. Here are some of my tips: 🎯 Find and Follow them on #LinkedIn 🎯 Sign up for email subscriptions on their sites 🎯 Sign up for emails from Global Sanctions (Love Them), 🎯 Read materials on Global Investigations Review site and 🎯 Read International Comparative Legal Guides (ICLG)'s AMAZING chapters written by the top Lawyers in the Sanctions space around the globe. 🎯 Follow those same lawyers on Linkedin and signup for email updates from their firms hashtag In the comments, let me know how you stay on top of the constant changing regulatory landscape in the #EU, favorite tools (pref. free), and lawyers / law firms you follow. I would LOVE to hear from you. #AML #Crypto #BitCoin #Sanctions #Banking #Europe #Ireland #Germany #Netherlands Pages/Sites to Follow European Banking Authority (EBA) European Commission Baker McKenzie Norton Rose Fulbright Paul, Weiss, Rifkind, Wharton & Garrison LLP Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates White & Case LLP

Provenance recently collaborated with Dr Rufaro Nyakatawa, PhD, CFP®, MBA, TEP (Jersey Finance) and Milton John Osborn to voice perspectives on South Africa's Financial Action Task Force (FATF) grey listing and ongoing remediation efforts. AML Compliance has jurisdictional nuances, underpinned by local legislation, but ultimately, we are all bound by the same objective of putting in place robust Industry processes, regulatory enforcement and effective judicial proceedings to prevent, detect and prosecute financial crime. https://lnkd.in/edtcm8iY #FATF #SouthAfrica #AML #Compliance.

Exciting Collaboration and News Alert! 🚀 Our dynamic team at Provenance, including Cara, Ruan, Leopoldt and Aniel, alongside industry experts including Dr Rufaro Nyakatawa, PhD, CFP®, MBA, TEP (Jersey Finance) and Milton John Osborn, have joined forces and shared thoughts and ideas on the pressing issue of South Africa's Financial Action Task Force (FATF) Greylisting. Dive into the recently published article, where the following crucial questions and actionable insights are explored: 🔍 What does South Africa need to move forward? 🤝 Who are the key players driving change? 💼 How do both public and private sectors contribute? 💡 Turning challenges into opportunities: What's at stake? No matter where you operate—locally or globally— Provenance is here to empower your compliance efforts in the global fight against Money Laundering. Read the full article here: https://lnkd.in/dEk4s32R #AML #Compliance #Crypto #CDD #KYC #FATF #Greylisting

What do Russian money and a Scandinavian bank have in common? The biggest scandal in Denmark's banking sector reveals the behind-the-scenes dealings with money and calls into question the effectiveness of international financial control systems. Denmark is accusing financial giant Nordea of laundering a staggering €3.5 billion. The accusations involve money flows from Russia through the bank's Copenhagen branch, concerning the period from 2012 to 2015. This has now become the largest scandal in the history of Denmark's banking sector. Interestingly, the bank has admitted to shortcomings in its anti-money laundering systems and processes and even anticipated a fine. Why did this happen? There are several reasons for this⬇️ ▪️ Inadequate processes and procedures for combating money laundering. ▪️ Lack of oversight over the bank's clients. ▪️ Ignoring red flags, which could indicate insufficient communication between departments. This case raises important questions about corporate responsibility, the effectiveness of international cooperation in fighting money laundering, and the role of legal professionals in preventing such crimes. Do you think regulators can put an end to such chaos? #compliance #complianceofficers #ComplianceSpace #sanctionscompliance #sanctions #oil #market #energymarket #Europe #Ukraine #gas #Nordea

Meet the Watchdogs of Global Finance 🔍 In the complex world of international finance, these organizations stand at the forefront of combating money laundering (ML), terrorist financing (TF), and the evasion of targeted financial sanctions: 1️⃣ International Monetary Fund (IMF) Role 2️⃣ Financial Action Task Force (FATF) Role 3️⃣ Bank for International Settlements (BIS) Role 4️⃣ International Organization of Securities Commissions (IOSCO) Role These powerhouses work tirelessly to maintain the integrity of our global financial system. Their efforts are crucial in an era of rapidly evolving financial technologies and cross-border transactions. Interested to know more? Let's discuss! To know more:  https://lnkd.in/gdSYPhMe #CryptoverseLegalConsultancy #FinancialRegulation #AMLCompliance #CFTPrevention #GlobalFinance #RegulatoryBodies #FinancialSecurity #InternationalCooperation

The potential greylisting of Monaco by the Financial Action Task Force (FATF) highlights significant concerns about the principality's efforts to combat money laundering and illicit financial flows. Despite the notable achievement of having a member of Monaco's Financial Intelligence Unit elected to the leadership of Moneyval, this development has not sufficed to mitigate the criticisms raised two years ago by Moneyval, the Council of Europe's anti-money laundering (AML) monitoring body. Moneyval's harsh criticism pointed to systemic deficiencies in Monaco's AML framework and its enforcement capabilities. The upcoming plenary in Singapore will scrutinize Monaco's progress, and the likelihood of greylisting suggests that Monaco has not yet implemented the necessary measures to address these deficiencies adequately. The greylisting would place Monaco on a watchlist, signaling to the international financial community that the principality has strategic AML deficiencies. This can have several implications, including increased scrutiny from financial institutions globally, potential impacts on investment and economic activities, and a general perception of Monaco as a higher-risk jurisdiction for financial transactions. Monaco's position is further complicated by the fact that the current chair of Moneyval is from San Marino, another small European nation, which could imply that smaller states are under intense scrutiny to uphold international AML standards. The potential greylisting underscores the importance for Monaco to accelerate its reforms and demonstrate tangible progress in strengthening its AML regime to avoid adverse economic and reputational consequences. #RegulatoryReform #aml #monaco #greylist #fatf #greylist #moneyval #FinancialCompliance #flexigroup

📢 News in Financial Compliance! 📢 The Financial Action Task Force (FATF) has made significant updates to its grey list: Turkey has been removed while Monaco has been added, among other changes. 🔍 What does this mean? 🇹🇷  Turkey: Removal from the grey list highlights significant progress in combating money laundering and terrorist financing. Despite some ongoing challenges, this marks a major step forward. 🇲🇨  Monaco: Inclusion in the grey list means increased monitoring to address strategic deficiencies in its AML/CFT framework. As one of Europe's high-profile financial hubs, this development is noteworthy. 📊 These changes reflect ongoing global efforts to enhance financial transparency and security. #FinancialCompliance #AML #CFT #FATF #Monaco #Turkey #FinanceNews

The Financial Action Task Force (FATF) has raised concerns about illicit finance, emphasizing shortcomings in anti-money laundering measures. Key points include: - : The U.S., China, and Australia are implicated in illicit finance due to the absence of anti-money laundering requirements for professionals like attorneys and real estate agents. - Global Compliance**: Progress has been made in aligning with FATF standards for non-financial businesses and professions, but major financial hubs still exhibit persistent deficiencies. - Top Performers**: Portugal and Luxembourg are leading in compliance, meeting 100% of the group's technical recommendations. Malaysia, Turkey, and Singapore also demonstrated strong performance. - Concerning Scores**: The U.S., Australia, and China received low scores for failing to implement any standards for gatekeeper businesses, contrasting with most nations scoring above 80%. These findings highlight the urgency for enhanced collaboration and vigilance to combat illicit financial activities worldwide. 🌐💼 Sources: 1. https://lnkd.in/gYr6SYh2 2. https://lnkd.in/gMfvX8w6 3. https://lnkd.in/gv8uuCty 4. https://lnkd.in/gv4sJ7Tb

#Monaco , the European Country of the super rich has, today , been added to the Financial Action Task Force #Grey list and would need to, amongst its-to -do # resource its FIU. The resourcing of such an institution and guaranteeing its operational independence is very important for a country to demonstrate as it evidences the country's commitment to the effective implementation of AML/CFT/CPF efforts ! other findings are seemingly consequential. The full report is available on the FATF website

Very important update on the FATF's grey list. The "FATF week" brought a new amendment on its "grey list, adding Monaco and Venezuela. These jurisdictions made a high level political commitment to work with FATFand implement an action plan to increase the efficency of their AML/CFT system. With three LE ratings and other 8 ME ratings , measuring the effectiveness of their system, as per their MER Report, Monaco (Moneyval jurisdiction) should step up its efforts to increase efficiency of its confiscation regime, supervision component and investigation and prosecution of TF. #FATF #FATFnews #FATFgreylist