FATF confirms new ‘greylist’ rules, AML Intelligence’ to launch weekly Technology Newsletter, Ukraine call for Russia blacklist.
GREYLIST: The Financial Action Task Force is best known for two things.
One - effectively, setting the world’s AML standards
The second part of that mission statement is about to get a makeover - the Paris-based organization has revealed big changes in how countries will be grey-listed in an effort to relieve pressure on poorer countries.
The news was first revealed at AML Intelligence’s ‘International Anti-Financial Crime Summit 2024’, which was held in London last week.
Giving the Opening Address at the event, FATF President Elisa de Anda said the move was aimed at avoiding penalizing small nations
NEWSLETTER: The last week has also seen a big change for AML Intelligence - in short, we’re launching a new newsletter.
The Technology Newsletter will focus on the technological innovations shaping critical areas
Set to debut next week, it is set to become required reading for professionals in the finance and tech space, as well as policymakers and regulators.
It will be edited by AML Intelligence Senior Correspondent Paul O'Donoghue - who coincidentally, also pulls together this newsletter!
Professionals and technology providers alike can contact Paul O’Donoghue at editorial@amlintelligence.com, while tech firms interested in having their products featured should write to AML Intelligence MD James Treacy at jtreacy@amlintelligence.com.
EAFCS: As well as the newsletter, here at AML Intelligence we had another major announcement this week - dates have been confirmed for the ‘European Anti-Financial Crime Summit’.
The event will be held in Dublin on May 6 and 7, 2025.
A host of top speakers will be announced in the coming months to follow up last year’s event, which featured the likes of Eurogroup President Paschal Donohoe.
The summit has become one of the most significant events in Europe for anti-financial crime, banking and technology professionals.
With demand soaring after 650 people attended last year’s event, there will be 900 spots up for grabs this year.
The event is expected to sell out quickly - tickets are available HERE.
prospective sponsors or exhibitors should contact James Treacy, AML Intelligence Managing Director, at jtreacy@amlintelligence.com
HSBC: In keeping with being better-informed, attendees at the IAFCS 2024 were also treated to a glimpse of how HSBC has overhauled its transaction monitoring screening
Essentially - full reliance on manually screening high-risk alerts is out. Risk scores are in.
Ralph Nash
, the bank’s Chief Risk and Compliance Officer, revealed that the lender assigns a number score to each customer based on a data-driven profile
The UK was the first HSBC market to go live with the new technology - find out more about how it works here.
Recommended by LinkedIn
RUSSIA
BLACKLIST: Following its invasion of Ukraine, Russia was suspended as a FATF member.
However, it was spared being added to the dreaded blacklist, a measure which can majorly dent how attractive a jurisdiction is to international investors.
That could be about to change, as Ukraine’s Ministry of Finance has formally called on FATF to blacklist Russia at the group’s plenary meeting next week.
It’s expected that Lebanon’s grey listing will also be confirmed at the gathering, after the country was narrowly spared the indignation last time around.
UNICREDIT: Speaking of Russia, Italian bank UniCredit is in a conundrum over what to do about its assets there.
After the European Central Bank said UniCredit should impose a ban on new deposits in the country, UniCredit took a case to the courts, arguing the demands could breach Russian laws.
However, it’s now been four months since that legal challenge was filed. In the absence of a court decision, UniCredit is expected to come under pressure to show how it’s complying with the ECB’s demands.
LAW & ORDER
SMUGGLING: A new UN report has highlighted the staggering scale of the smuggling sector
Migrant smuggling along the infamous Central Mediterranean route generated up to $370 million in 2023, according to the UN Office on Drugs and Crime.
The number of people smuggled on the route increased sharply last year, with over a quarter of a million departures from North Africa.
This is despite it being recognised as the deadliest migration path in the world - last year, 1,800 of those who traveled the route died or went missing,
ATM GANG: Finally, European officials had a major win this week, taking down an international crime gang which has been blowing up ATMs.
The group, based largely in the Netherlands, used powerful explosives to explode machines in largely residential areas.
Three members of the network have been arrested following an international effort featuring police from the Netherlands, France and Germany.
EU law enforcement agency Europol said the broader criminal network is still being investigated.
Join the fastest growing global business site for AML and Compliance professionals.
Avail of our limited Special €10 Introductory Offer for individuals or purchase a license for organisations
AML Intelligence is the fastest growing global business site for AML and Compliance professionals. We are committed to delivering quality reporting, analysis and data on money laundering and anti-terrorist financing.
Individuals can subscribe at our special introductory rate, below. This introductory rate is conditional on a 12-month membership.