Here are the top Anti-Financial Crime and AML stories so far this week:

WHAT a few days it has been for the banking and financial services sector as contagion from the SVB collapse has sent shockwaves thru the world of finance - sending crypto further south and affecting everything from aviation leasing to the share price of pillar banks.

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In today’s newsletter, we look at the lessons from and the after-effects of the failure of both US banks. We also take a closer look at the gambling industry and its attempts to clean up its image with new AML guidelines. But are they enough?

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Our expert writer takes a closer look.

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We also report on the latest #FATF guidelines on #Ransomware attacks – and of course their major report on Beneficial Ownership, which has issued “tougher” recommendations in an attempt to crack down on the carousel of dirty money flowing via shell companies.

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And of course, there’s also the “European Anti-Financial Crime Summit” in Dublin on May 25 next which is set to be the stand-out AFC event of the year - and one AML, AFC and Compliance professionals cannot afford to miss! Here’s your mid-week round-up.

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AML & GAMING:?THE European?Gaming?and Betting Association (EGBA) recently published Guidelines on fighting money laundering and terrorist financing for the European online gambling sector.

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This is not just a very much welcome development, but also a sign that things are changing for the gaming and gambling industry.?

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“Not long ago, I met a well-established gambling operator that didn’t believe that a customer risk assessment was necessary, or even possible,” writes expert Federica Taccogna .

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“Whilst I do not wish to generalise (because I have also met extremely diligent and well-controlled firms), I think this is emblematic of the fact that pockets of the industry need to mature when it comes to anti-financial crime controls.”

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Read her full analysis on gambling and AML here:?The AML and financial crime hazards at the heart of the gaming industry and how to fix them

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RANSOMWARE AML REQUIREMENTS:?FATF member countries have been?advised?to be more agile in the pace of their responses to Ransomware attacks - and to develop more international partners to catch the cyber gangs.?

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Recommendations include developing agile PPPs to respond quickly to cyber incidents as well as building international cooperation mechanisms.?

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Authorities need “to develop the necessary skills and tools to quickly collect key information, trace the nearly instantaneous financial transactions and recover virtual assets before they dissipate,” said Financial Action Task Force (FATF) .

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"Ransomware criminals exploit the international nature of virtual assets to facilitate large-scale, nearly instantaneous cross-border transactions, sometimes without the involvement of traditional financial institutions that have anti-money laundering and counter-terrorist financing (AML/CFT) programs," FATF warned.

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Moreover, the multi-disciplinary nature of Ransomware meant authorities must extend their collaboration beyond their traditional counterparts to include cyber-security, data protection agencies and others in the private sector.?

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Read the story here:?Swifter response to Ransomware attacks is needed to disrupt money laundering, says FATF as it urges more PPPs

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***EUROPEAN AFC SUMMIT: The 'European Anti-Financial Crime Summit' will take place in Dublin, Ireland on May 25.

The summit, designed C-Suite decision makers, will cover issues important to AFCs and Chief Compliance Officers in the EU and UK, such as sanctions, public-private partnerships, and data sharing.

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In addition, we will discuss transatlantic AML and asset tracing synergies in light of the Ukrainian war. Among the speakers are the region's top policymakers, industry leaders, intelligence chiefs, and thought leaders.

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If your Compliance and?AFC?department would like to avail of the Early Bird Discount for groups email James Treacy on?[email protected]??or book online.

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If you're a supplier to the industry and would like to sponsor or exhibit you can email Stephen Rae on?[email protected]?now - there are still some slots available.

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The main ticket office opens today here:?European Anti-Financial Crime Summit

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'TOUGHER’ STANDARDS IN FATF’S NEW BENEFICIAL OWNERSHIP GUIDE:?FATF published its "tougher"?global?beneficial ownership standards to assist countries and financial institutions to prevent shell companies from being safe havens for illicit proceeds.

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The task force's Recommendation 24 requires countries to ensure that competent authorities have access to adequate, accurate and up-to-date information on the true owners of companies.

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The Paris-based body has also updated the guidance that will help countries implement the revised Recommendation 24.

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Find the story here:?FATF publishes its ‘tougher’ new beneficial ownership standards to put squeeze on shell company dirty money carousel

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SVB COLLAPSE CONTAGION:?EXTREME volatility is?rattling? U.S. Department of the Treasury markets in the wake of Silicon Valley Bank 's collapse and investors fear a prolonged bout of gyrations before calm returns to bond markets.

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One measure of expected volatility in U.S. Treasuries - the ICE BoFA MOVE Index - has surged past its COVID-era high and now stands around levels last seen in the financial crisis.?

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The yield on the two-year note saw its biggest one-day drop since October 1987 on Monday afternoon, while the benchmark 10-year yield fell to its lowest level since Feb. 3.

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Find the story here:?SVB collapse unleashes Treasury volatility, whiplashing investors in week of global unease in banking sectors

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SIGNATURE FAILURE ‘NOT LINKED TO CRYPTO’:?New York’s financial regulator said its?decision?to close Signature Bank had “nothing to do with crypto,” citing what it called “a significant crisis of confidence in the bank’s leadership” that occurred over the weekend after regulators shuttered Silicon Valley Bank.?

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The comments from a New York State Department of Financial Services spokesperson were in contrast with those made by Signature Bank board member and former U.S. Rep. Barney Frank, one of the pioneers of the landmark Dodd-Frank Act, which was enacted after the 2008 financial crisis to better insulate the banking system from shocks.?

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“I think part of what happened was that regulators wanted to send a very strong anti-crypto message,” Frank said.

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“We became the poster boy because there was no insolvency based on the fundamentals.” Read the story here:?Signature Bank’s closure had ‘nothing to do with crypto’- New York regulator

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ANOTHER CREDIT SUISSE RED FLAG:?TROUBLED 瑞信 said in its 2022 annual?report?the bank has identified "material weaknesses" in internal controls over financial reporting and not yet stemmed customer outflows.

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"As of December 31, 2022, the Group’s internal control over financial reporting was not effective, and for the same reasons, management has reassessed and has reached the same conclusion regarding December 31, 2021," it said in the filing published on Tuesday.?

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Auditor PricewaterhouseCoopers (#PwC) in the report included an "adverse opinion" on the effectiveness of the bank's internal controls over its reporting but its statements "present fairly, in all material respects" the financial position of the bank in 2020 through 2022.

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Find the story here:?Credit Suisse flags ‘material weaknesses’ in reporting, outflows not reversed

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COMING TO A HALT:?Binance is?halting?its sterling deposits and withdrawals, a company spokesperson said a month after the world's largest crypto exchange ceased dollar transfers.

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Binance has been informed by its partner for sterling transfers, Paysafe, that it would halt its services from May 22, the spokesperson said, impacting all Binance customers.

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Read the story here:?Crypto exchange Binance to halt sterling transfers

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Have a great Wednesday??

Alisha and the team at AMlintelligence.