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National Risk Assessment of Money Laundering and Terrorist Financing 2020

The 2020 national risk assessment (NRA) is the third comprehensive assessment of money laundering and terrorist financing risk in the UK. National risk assessment of money laundering and terrorist financing 2020 – PDF, 1.24MB, 152 pages DetailsThe NRA sets out the key money laundering and terrorist financing risks for the UK, how these have changed since the UK’s second NRA was published in 2017, and the action taken since 2017 to address these risks. Article credit:

2020 annual report on the SAR regime

The 2020 Suspicious Activity Report (SARs) Annual Report has been published today (19 November). Read the report. The UK Financial Intelligence Unit (UKFIU) saw another record number of SARs, receiving and processing 573,085 (a 20% increase on the previous period of 478,437), with an 81% increase in requests for a defence against money laundering or terrorist finance (62,408). The UKFIU continued its efforts to provide law enforcement agencies with focused asset recovery opportunities as a result of Defence Against Money Laundering (DAML) requests. Over the year £172m was denied to suspected criminals as a result of DAML requests – up… Read More

FinCEN clarify BSA due diligence expectations for charities and non-profit customers

WASHINGTON—In coordination with the Federal Banking Agencies, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) today issued a joint fact sheet to provide clarity to banks on how to apply a risk-based approach to charities and other non-profit organizations (NPOs). The joint fact sheet highlights the importance of ensuring that legitimate charities have access to financial services and can transmit funds through legitimate and transparent channels, especially during the current COVID-19 pandemic. Also, the joint fact sheet reminds banks to apply a risk-based approach to customer due diligence (CDD) requirements when developing the risk profiles of charities… Read More

FATF Mutual Evaluation Report – People’s Republic of China

The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CTF) standard. For more information about the FATF, please visit the website: This document and/or any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.… Read More

Corporate transparency and register reform

Detail of outcome The government response sets out a range of proposals to improve the reliability and accuracy of information on the Companies Register, including: identity verification: introducing compulsory identity verification for all directors, People with Significant Control and those filing information on behalf of a company reforms to Companies House powers: providing the Registrar of Companies stronger powers to query, seek evidence for, amend or remove information and to share it with law enforcement partners when certain conditions are met protecting personal information: improving the processes for removing personal information from the register company accounts: the response proposes further… Read More

2020 Half year fraud report

Whether it’s elaborate scams and attempts by criminals to con innocent victims into handing over their money or providing access to data which can then be used to gain illicit funds, stories of those impacted by fraud are becoming increasingly common. In particular, Covid-19 has seen criminal gangs focus on taking advantage of people’s fears and uncertainties around the virus, sometimes to devastating effect.  This is demonstrated by a sharp rise in the number of impersonation scams, which nearly doubled in the first six months of the year, with almost 15,000 cases reported. Such scams occur when the victim is… Read More

Publication of Source of Wealth and Source of Funds (Private Banking/Wealth Management) FAQs  The Wolfsberg Group is pleased to publish Frequently Asked Questions (FAQs) on how Financial Institutions can identify, mitigate and manage money laundering risks by undertaking Source of Wealth (SoW) and Source of Funds (SoF) checks on relevant customers, when appropriate and/or required by applicable regulation. Such checks are to be considered among the key elements of customer risk assessment and risk management for certain customers, as defined by each Financial Institution. This document is primarily aimed at Financial Institutions’ Private Banking/Wealth Management customer segments and the Group… Read More