Global Anti-Scam Alliance (GASA)’s Post

🌐 Exciting News for the Financial Sector! 🌐 I'm pleased to share that the Monetary Authority of Singapore (MAS) has introduced Cosmic – Collaborative Sharing of Money Laundering/Terrorism Information and Cases – a pioneering initiative aimed at enhancing the effectiveness of combating financial crimes. Cosmic represents the first centralized digital platform dedicated to addressing money laundering, terrorism financing, and proliferation financing globally. With the recent commencement of the Financial Services and Markets (Amendment) Act 2023 and its accompanying subsidiary legislation, participating financial institutions (FIs) now have a robust legal framework and safeguards in place for seamless information-sharing. Under this initiative, FIs can exchange customer information based on predefined indicators of suspicion, or "red flags," while adhering to stringent policies and operational safeguards outlined in the FSMA to ensure confidentiality. This development underscores Singapore's commitment to bolstering the integrity and resilience of its financial ecosystem, fostering collaboration among stakeholders to combat financial crimes effectively. Let's welcome this significant advancement in safeguarding our financial systems and reaffirm our dedication to upholding transparency and security in the global financial landscape. Monetary Authority of Singapore (MAS) link: https://lnkd.in/dnj2Pe4m #Cosmic #FinancialSecurity #MAS #SingaporeFinance #Collaboration #AMLUpdates #RecentUpdates #Fincrime #AML

On 13 July 2023, the European Banking Authority (EBA – hereinafter also referred to as the “Authority”) published its fourth biennial opinion on the risks of money laundering and terrorist financing in the EU financial sector (EBA/Op/2023/08 – hereinafter also referred to as the “Opinion”). EBA has issued the Opinion in accordance with the Article 6(5) of Directive (EU) 2015/849 and Articles 16 and 29 of Regulation (EU) No 2010/1093, which require ... Read more on: https://lnkd.in/davXRkGv For more information: Pierangela Rodilosso European Banking Authority #EBA #MoneyLaundering #TerroristFinancing #AML #CFT #EUFinancialSector #FinancialCrime #AMLRegulation #AMLCompliance #AMLProposals #FinancialRegulation #AMLFramework #EUAuthorities #AMLDefences #AMLSupervision #EUAMLAuthority #AMLlegislation #CryptoAssets #BeneficialOwnership #AMLMeasures #AMLDevelopments #EuropeanUnion #EUAML #MiCAR #Covid19Impact

Dear Danish Banks, In today’s newspaper, an alarming connection between you and South African banks acting as correspondent banks for your institutions has come to light. These South African banks are reportedly involved in both money laundering and the financing of terrorism. This collaboration raises serious ethical and legal concerns that demand your immediate attention and action. As a crucial part of the financial system, you have a responsibility to ensure that your operations do not contribute to illegal activities. When you engage in partnerships with correspondent banks, you share a portion of the responsibility for their actions. This means you must exercise heightened due diligence and ensure that your partners adhere to strict standards for combating money laundering and terrorist financing. We urge you to: 1.Tighten Due Diligence Processes: Implement comprehensive and ongoing due diligence procedures for all partners, especially those in high-risk regions. This involves understanding their business models, control systems, and compliance programs. 2. Enhance Monitoring: Utilize advanced technologies and analytical tools to monitor transactions and identify suspicious activities. Establish a robust system capable of detecting and reporting potential instances of money laundering and terrorist financing. 3.Collaborate with Authorities: Work closely with relevant authorities and regulatory bodies to ensure compliance with all legal requirements and to report any suspicious activities promptly. 4.Transparency and Reporting: Be transparent about your due diligence procedures and the efforts you are making to prevent money laundering and terrorist financing. Publish your policies and the steps you are taking to ensure compliance. 5. Education and Culture: Invest in the education and training of your employees so they are up-to-date with the latest regulations and can effectively recognize and handle suspicious activities. Foster a corporate culture where ethical behavior and accountability are central. By taking these steps, you can protect your integrity and reputation while contributing to a safer and more transparent global financial system. We hope you will take this responsibility seriously and act proactively to prevent Danish banks from inadvertently supporting illegal activities through their international partnerships.

The European Banking Authority (EBA) has launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes. 💭 In July 2021 the European Commission issued a legislative package with four proposals to reform the EU’s legal and institutional AML/CFT framework. It included a proposal for a recast of Regulation (EU) 2015/847, to extend the obligation to include information about the originator and the beneficiary to CASPs (travel rule) and to include CASPs are obliged persons under the EU AMLDs. This recast is the Regulation (EU) 2023/1113. 💡 The Guidelines: (1) Specify the steps that Payment Service Providers (PSPs) and crypto-asset service providers (CASPs) should take to detect missing or incomplete information that accompanies a transfer of funds or crypto-assets; (2) Detail the procedures PSPs and CASPs should put in place to manage a transfer of funds or a transfer of crypto-assets that lacks the required informationl (3) Aim at forging a common understanding to ensure the consistent application of EU law as well as a stronger anti-money laundering and countering the financing of terrorism (AML/CFT) regime. The consultation runs until 26 February 2024. #eu #moneylaundering #cryptoassets #TheFCGuaRdian

The European Banking Authority (EBA) has released the final Travel Rule Guidelines to bolster the traceability of fund transfers and certain crypto-assets under Regulation (EU) 2023/1113. These guidelines are crucial in combating terrorist financing and financial crimes by enabling authorities to trace transactions effectively. The guidelines outline regulatory and supervisory expectations for various service providers to detect and manage transfers lacking essential information. Ensure your organization stays compliant by reviewing the EBA’s final report. Find more details here: https://lnkd.in/gSP3DUzH #AML #CFT #CryptoRegulation #FinancialCompliance

On the 16th of January 2024, the European Banking Authority (EBA) issued its extended #guidelines on Money Laundering (ML) and Terrorist Financing (TF) risk factors in relation to Cryptoasset Service Providers (CASPs). The new #guidelines highlight ML/TF risk factors and mitigating measures that CASPs need to consider, representing an important step forward in the EU’s fight against financial crime. The extended #guidelines will apply from 30 December 2024. 👉 https://europa.eu/!rBphfr #aml #compliance #terroristfinancing #moneylaundering #casps #eba #eu

In the National Treasury's continued efforts to have South Africa removed from the Financial Action Task Force's (FATF's) greylist, it is opening up the floor to the public to comment on several new pieces of Money Laundering and Terrorist Financing Control Regulations. These regulations define the requirements for sharing information among accountable institutions in the hopes that they will assist them in identifying systemic similarities and differences in unusual transactions reported to the regulator. Public comments on the new Draft Regulations must be submitted by Sunday, 29th October to [email protected]. Related links: Treasury beefs up plan to get South Africa off the grey list - https://lnkd.in/d7jnv5Qb Draft amendments to ML and TF Control Regulations - https://lnkd.in/du4JhSjr #greylist #fatf #southafrica #nationaltreasury #fic #ml #cft #amlcft #informationsharing Kashnie Naidoo - CSb (SA), CAMS, ACAMS SA Board Member and Regulatory Activist Charlotte Gamede

The EBA launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes. These ‘travel rule’ Guidelines specify the steps that Payment Service Providers (PSPs), Intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and Intermediary CASPs (ICASPs) should take to detect missing or incomplete information that accompanies a transfer of funds or crypto-assets. They also detail the procedures all these providers should put in place to manage a transfer of funds or a transfer of crypto-assets that lacks the required information. The consultation runs until 26 February 2024. https://lnkd.in/eCSMBRii.

Assist CASPs identify these #risks by providing a non-exhaustive list of different factors