iason’s Post

The Financial Intelligence Analysis Unit (FIAU) Malta has issued an updated Guidance Note on AML/CFT obligations in relation to payment accounts with basic features replacing the previous Guidance note of 15th October 2018. The FIAU highlights it includes: ✔️Updated sample documents that have been issued by the relevant authorities the 2018 document ✔️Red flags that credit institutions to look out for while carrying out ongoing monitoring obligations ✔️EBA Guidelines and other relevant FIAU Guidance Notes references ✔️Other linguistic amendments Download and read through the link under 'Financial Services' Section: https://lnkd.in/d2fqhVmR

📢New EMIR rules on clearing agreed: The Council and the Parliament have reached a provisional political agreement on a review of the European market infrastructure regulation and directive. The review aims to make the EU clearing landscape more attractive and resilient, to support the EU’s open strategic autonomy and to preserve the EU’s financial stability.   👉Read full details here: https://lnkd.in/eqBaV7Vg #EMIR #CapitalMarkets #Compliance 

🌟 The Evolution of EU Money Laundering Directives: From AMLD1 to AMLD7 🌟 Financial crime doesn't stand still, and neither does the fight against it. 🕵️♂️💼 I'm excited to share my latest deep dive into the European Union's journey in combating money laundering, covering everything from the first directive in 1991 to the upcoming 7th AMLD. 📜 In this video, we explore: 🔹 AMLD 1 (1991): The groundbreaking start that set the stage for future regulations. 🔹 AMLD 2 (2001): Expansion to include professionals like lawyers and accountants, and the introduction of beneficial ownership. 🔹 AMLD 3 (2005): Strengthening customer due diligence and embracing a risk-based approach. 🔹 AMLD 4 (2015): Post-financial crisis reforms focusing on transparency and heavier penalties. 🔹 AMLD 5 (2018): A game-changer addressing virtual currencies and enhancing beneficial ownership registers. 🔹 AMLD 6: Precise definitions and harsher penalties to tackle money laundering head-on. 🔹 AMLD 7: The future of financial regulation, with the establishment of the EU Anti-Money Laundering Authority (AMLA) and strategies to combat digital-age financial crimes. ➡️ Why is this important? In an era where digital transactions and cryptocurrencies are the norm, understanding these directives is crucial for: 💼 AML professionals striving to stay ahead in compliance. 🎓 Students and newcomers eager to break into the financial crime prevention industry. 🔎 Regulatory experts focused on the ever-changing landscape of financial regulations. 👥 Everyday citizens who want to understand how these changes impact their financial security. 👉 Watch the full video here: https://buff.ly/3C3mdJi Let's build a safer financial future together! 🌐💪 I'd love to hear your thoughts: 💬 How do you think the 7th AMLD will impact our fight against financial crime? 💡 What challenges and opportunities do you see arising from these new regulations? Feel free to share your insights in the comments below! 👇 #AML #FinancialCrimePrevention #RegulatoryCompliance #EURegulations #AMLD7 #FinTech #CryptoRegulation #FinancialEducation #StayInformed

The Financial Action Task Force (FATF) has revised its greylisting criteria to focus on developed countries and lessen the compliance burden on the least developed states. The changes were announced on 17 October, and aim to shift the balance of compliance towards countries with the most influence on the international financial system. https://lnkd.in/dH2wisb7

🌟 The Evolution of EU Money Laundering Directives: From AMLD1 to AMLD7 🌟 Financial crime doesn't stand still, and neither does the fight against it. 🕵️♂️💼 I'm excited to share my latest deep dive into the European Union's journey in combating money laundering, covering everything from the first directive in 1991 to the upcoming 7th AMLD. 📜 In this video, we explore: 🔹 AMLD 1 (1991): The groundbreaking start that set the stage for future regulations. 🔹 AMLD 2 (2001): Expansion to include professionals like lawyers and accountants, and the introduction of beneficial ownership. 🔹 AMLD 3 (2005): Strengthening customer due diligence and embracing a risk-based approach. 🔹 AMLD 4 (2015): Post-financial crisis reforms focusing on transparency and heavier penalties. 🔹 AMLD 5 (2018): A game-changer addressing virtual currencies and enhancing beneficial ownership registers. 🔹 AMLD 6: Precise definitions and harsher penalties to tackle money laundering head-on. 🔹 AMLD 7: The future of financial regulation, with the establishment of the EU Anti-Money Laundering Authority (AMLA) and strategies to combat digital-age financial crimes. ➡️ Why is this important? In an era where digital transactions and cryptocurrencies are the norm, understanding these directives is crucial for: 💼 AML professionals striving to stay ahead in compliance. 🎓 Students and newcomers eager to break into the financial crime prevention industry. 🔎 Regulatory experts focused on the ever-changing landscape of financial regulations. 👥 Everyday citizens who want to understand how these changes impact their financial security. 👉 Watch the full video here: https://buff.ly/3C3mdJi Let's build a safer financial future together! 🌐💪 I'd love to hear your thoughts: 💬 How do you think the 7th AMLD will impact our fight against financial crime? 💡 What challenges and opportunities do you see arising from these new regulations? Feel free to share your insights in the comments below! 👇 #AML #FinancialCrimePrevention #RegulatoryCompliance #EURegulations #AMLD7 #FinTech #CryptoRegulation #FinancialEducation #StayInformed

MENA FCCG Participates in GCFFC Inaugural Summit   MENA FCCG members participated in the Global Coalition to Fight Financial Crime (GCFFC) Summit that took place September 10 - 11, 2024 in Stockholm Sweden.   The Summit, themed “Accelerating Collaboration” brought together leading experts from the private, public, and NPO sectors. Keynote speakers included H.E. May bint Mohamed AlKhalifa, Chief Executive of the Bahrain’s Financial Intelligence National Centre and Vice-Chair of Egmont Group, as well as Ms. Elisa de Anda Madrazo, FATF President. Topics discussed included financial crime as a security threat, fraud scams, illegal wildlife trade, modern slavery/human trafficking, misuse of virtual assets, advancing beneficial ownership, information sharing including via Public Private Partnerships (PPPs), technology and innovations, balancing data privacy and fighting financial crime, and improving supervisory effectiveness.   Mr. Matossian chaired a panel on Combatting Trade Based Financial Crime (CTBFC). Session included MENA FCCG members Mr. Victor Matafonov and Mr. Nishanth Nottath. The session navigated the challenges associated with combating TBFC, most recent TBFC typologies, best practice risk mitigation measures, AI and advanced technologies, along with other developing trends in trade finance.   Visit MENA FCCG at www.menafccg.com Newsroom to view full press release. Working together, we are making a difference. Michael Matossian, Deputy Chair

Sanctions for non-compliance with the Financial Intelligence Centre Act (FICA) is looming. With South Africa’s compliance being reassessed this year, FIC is stiffening their watch – and you need to be ready. Join our webinar where we will break down FICA compliance challenges and how to overcome them. Learn practical strategies, explore helpful tools, and get expert insights during our live Q&A. Don’t wait for a sanction to get compliant – register for our webinar by clicking the link https://lnkd.in/dDRNCPBw #LexisNexisZA #AdvancingAfricasRuleofLaw #FICA

The Financial Action Task Force (FATF) hosted its Plenary between 23-25 October. Key outcomes include: ➡️ The continued suspension of the Russian Federation’s membership; ➡️ The addition of Algeria, Angola, Côte d’Ivoire, and Lebanon to the list of jurisdictions subject to increased monitoring (Grey List); ➡️ The removal of Senegal from the list of jurisdictions subject to increased monitoring (Grey List); ➡️ The addition of Senegal and the Cayman Islands as guest jurisdictions; ➡️ The adoption of Mutual Evaluation reports for Argentina and Oman;  ➡️ The agreement to release for public consultation proposed changes to the standards on financial inclusion; ➡️ The revision of the national money laundering risk assessment guidance; ➡️ The commencement of a review to ensure countries do not misuse FATF standards to restrict the activities of nonprofit organisations. ✅ Firms should review the latest plenary updates and note any control reviews required following changes to the Grey List Learn more: https://lnkd.in/ecXKaPJ7 💡 Plenitude #Compass has been developed specifically for Financial Crime Compliance teams to keep you informed of changes to geographical risk and its implications for numerous financial crime controls. Visit our website for more information: https://lnkd.in/eDKYnJ2k

The Digital Operational Resilience Act (DORA) has a goal of strengthening the operational security and resilience of financial organisations operating within and across the EU. Understanding what's required and how to properly implement the new regulation in this report. #EndCyberRisk