Category: Risk Assessments

FINMA Flags Remaining Gaps in Anti-Money Laundering Risk Assessments Despite Industry Progress

Money Laundering, Risk Assessments
The Swiss Financial Market Supervisory Authority (FINMA) has published supplementary guidance on money laundering risk analysis, acknowledging improvements across the financial sector while warning that significant weaknesses remain in how some institutions assess and manage financial crime risk. The guidance builds on FINMA’s Guidance 05/2023 and follows a renewed review of money laundering risk analyses conducted at more than 30 banks previously inspected in 2023, alongside assessments of numerous other banks and institutions supervised under Switzerland’s Financial Institutions Act (FinIA). The regulator said banks have made measurable progress since its earlier guidance was issued, particularly in defining risk tolerance and…

Basel AML Index 2024

Money Laundering, Risk Assessments
This is the 13th annual Public Edition report of the Basel AML Index, an independent, data-based ranking and risk assessment tool for money laundering and related financial crime risks around the world. The Basel AML Index provides risk scores for countries and jurisdictions based on data from 17 publicly available sources such as the Financial Action Task Force (FATF), Transparency International and the Global Initiative against Transnational Organized Crime. The risk scores cover five domains considered to contribute to a high money laundering risk: Quality of AML/CFT/CPF frameworkCorruption and fraud risksFinancial transparency and standardsPublic transparency and accountabilityLegal and political risksThe…

Singapore Unveils Updated Risk Assessment on Money Laundering

Money Laundering, Risk Assessments
Singapore recently published its updated Money Laundering (ML) National Risk Assessment (NRA). This comprehensive assessment, a collaborative effort involving supervisory and law enforcement agencies, the Suspicious Transaction Reporting Office (STRO), private sector entities, and international counterparts, synthesizes the current ML risks facing the nation. Since the last assessment in 2014, Singapore has been diligently monitoring money laundering risks, conducting thematic assessments on the misuse of legal persons, virtual assets, and environmental crime. These efforts ensure timely identification and mitigation of risks by relevant stakeholders. Exposure Due to Economic Openness Singapore’s status as a global financial center and trading hub exposes it to…

EBA publishes fourth opinion on money laundering and terrorist financing risks across the EU.

Risk Assessments
The European Banking Authority (EBA) today published its fourth biennial Opinion on the risks of money laundering and terrorist financing (ML/TF) affecting the European Union’s financial sector. It also sets out what competent authorities and EU co-legislators can do to mitigate those risks. The EBA issues this Opinion against the background of a changed risk landscape, which has an impact on institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) compliance and competent authorities’ approaches to supervision. Examples include geopolitical events like Russia’s invasion of Ukraine and legislative developments, such as the publication of a comprehensive ‘AML Package’ and…

Director General Graeme Biggar launches National Strategic Risk Assessment

Risk Assessments
I am delighted to be here for my first public speech as Director General of the National Crime Agency. Thank you all for joining me today in person and online. INTRODUCTION The mission of the National Crime Agency is to protect the public from serious and organised crime. I want to start by paying tribute to the 5,500 officers in the Agency, each of whom, every day, bring their expertise and passion to reducing serious and organised crime, arresting the criminals behind it, and, with our partners, making the UK safer, on our streets, in our communities and online. We…

Treasury Publishes National Risk Assessments for Money Laundering, Terrorist Financing, and Proliferation Financing

Money Laundering, Risk Assessments, Terrorism
WASHINGTON – The U.S. Department of the Treasury today issued the 2022 National Risk Assessments (NRAs) on Money Laundering (NMLRA), Terrorist Financing (NTFRA) and Proliferation Financing (NPFRA). These documents highlight the most significant illicit finance threats, vulnerabilities, and risks facing the United States. The United States is vulnerable to all three forms of illicit finance because of the size and sophistication of the U.S. financial system and centrality of the U.S. dollar in the payment infrastructure of global trade. These NRAs are the third iteration of the NMLRA and NTFRA since 2015 and second for NPFRA since 2018. They take…