Keeping Up with Compliance updates: Easy Tips for AML Professionals | UAE to establish federal prosecutions | ML penalties in July 2023 and much more

Welcome to our AML News and Updates Newsletter for August 2023. ??

Stay up to date with main AML news and updates in less than 10 minutes per month!

In this month's newsletter we will discuss the following:

1. Discussion of the month:

• Keeping Up with Compliance updates: Easy Tips for AML Professionals

2.?Regulatory developments:

• ?Best Practice Paper on Combating the Abuse of Non-Profit Organisations for Terrorist Financing
• UAE to establish federal prosecutions dedicated to economic crimes and money laundering.
• Germany to set up new body to combat money laundering
• FATF Mutual Evaluation Reports published in July 2023

3.?Other News:

• Deutsche Bank was fined $186 million from the Federal Reserve for AML problems
• The 2021-2022 Egmont Group Annual Report is Now Available
• DFSA fines bank Mirabaud USD 3 million for anti-money laundering controls failings

Let's get started...

Keeping Up with Compliance updates: Tips for AML Professionals?

One of the most important but challenging tasks of AML professionals is to stay updated with the latest regulatory developments and emerging trends in financial crimes.

This task is additional to their other duties where AML officers are required to :

?? Design and update the organization's internal policies, measures, procedures, and controls, including the AML manual.

?? Monitor the effective implementation of the policies, measures, procedures, and controls.

?? Provide guidance to employees where shortcomings are identified.

?? Receive and evaluate Internal suspicious reports from the employees.

?? Report suspicious transactions to the Financial Intelligence Unit (FIU).

?? Perform risk assessments.

?? Perform reporting to the regulator and the Board of Directors.

?? ..and much more

While there is no simple route to stay ahead, AML professionals acknowledge that staying up to date with regulatory developments, trends, and new typologies for money laundering and other financial crime is critical to ensure the efficiency of their AML program and controls in mitigating associated risks.

So, how can AML professionals effectively remain well-informed within this rapidly evolving financial crime landscape?

Stay Informed with these essential resources:

1?? ?Financial Action Task Force (FATF): The number one source for staying up to date with financial crime trends and developments globally. The FATF, is an intergovernmental organization that sets global standards for AML and counter-terrorism financing (CTF). They publish reports, guidelines, and updates on AML regulations worldwide.

Website:?https://www.fatf-gafi.org/

2?? Financial Crimes Enforcement Network (FinCEN): A bureau of the U.S. Department of the Treasury, FinCEN provides resources on AML regulations and compliance guidance.

Website:?https://www.fincen.gov/

3?? ?European Banking Authority (EBA): The EBA's website offers information on AML regulations applicable to financial institutions within the European Union (EU). However, since the guidelines are based on the FATF standards, entities outside the EU may also find some useful information there.

Website:?https://eba.europa.eu/

4????IMOLIN by UNODC:?IMOLIN is an internet-based network assisting governments, organizations, and individuals in the fight against money laundering. It was developed in cooperation with major leading AML organizations and provides valuable information on global efforts to fight financial crime.

Website:?https://www.imolin.org/

5?? Your regulator's website: Check your country or region's regulatory authority website for anti-money laundering (AML) compliance. Many regulatory bodies have dedicated sections for AML, where they publish the latest guidelines, updates, and announcements. Consider signing up for email alerts or newsletters from the regulator to receive timely notifications on any changes or developments in AML regulations specific to your jurisdiction.

6?? The website of your national Financial Intelligence Unit (FIU): Check your country's FIU website for reports, guidance, and information on AML trends and developments. Staying informed about the FIU's publications can provide valuable insights into the AML landscape and help you comply with reporting requirements. Consider signing up for alerts.

7?? Public Consultations and Comment Periods: Participate in public consultations and comment periods initiated by regulatory bodies. This allows you to provide feedback on proposed changes to AML regulations and stay informed about upcoming amendments.

8????Social Media: Although not an official source of information, you can get a lot of insights when following AML experts, compliance professionals, regulatory bodies, and industry influencers on social media platforms. Leverage LinkedIn where there is a wealth of information shared by AML experts.

9???Industry Blogs and Websites:?Follow reputable AML compliance blogs, websites, and online publications. These sources often analyze and interpret regulatory developments, making it easier to understand their implications. I personally use the following news aggregator websites:?www.thelaundrynews.com ?and?ciphercrime.com.? ?

???Subscribe to Newsletters:?Some are free, and some are paid. Look around and see what works for you. One of my favorite free newsletters is?Money Laundering Techniques ?by Baptiste ?? Forestier - CAMS .

1??1???Attend Webinars and Workshops: Participate in free or paid webinars, workshops, and conferences on AML compliance. These events offer insights from subject matter experts and regulators, giving AML officers a deeper understanding of the latest trends and regulatory priorities.

Pro Tip:

Stay Organized???

Create a system to organize the information you gather. Bookmark relevant websites, save important emails and documents and create folders for specific topics. This ensures easy access to the information you need when required.

Oh! And remember to keep the employees of the organization up to date too!

? What other methods do you use to stay up to date with regulatory developments and new money laundering methods and trends?

Best Practice Paper on Combating the Abuse of Non-Profit Organisations for Terrorist Financing

The FATF has launched a public consultation on draft amendments to?Recommendation 8?and an updated?Best Practice Paper on Combating the Abuse of Non-Profit Organisations for Terrorist Financing .

Deadline for comments: 18 August.

UAE to establish federal prosecutions dedicated to economic crimes and money laundering

The United Arab Emirates (UAE)) will set up specialised federal prosecutions dedicated to handling economic crimes and money laundering, in a step that is aimed at supporting the country’s financial stability and economic growth.

The aim is to ensure UAE's financial stability and economic growth.

Read more here .

Germany to set up new body to combat money laundering

Germany will set up a new body, the Federal Bureau of Financial Intelligence, under planned legislation to combat money laundering, according to a draft of the law seen by Reuters.

The new office, to be set up next year, will centralize monitoring and analysis of money laundering and sanctions enforcement. The target is to have 1,700 employees, with offices in Dresden and Cologne, a finance ministry spokesperson said.

Source: Reuters

FATF Mutual Evaluation Reports published in July 2023

The FATF, during July 2023 has published the Mutual Evaluation Reports of the following countries:

• Dominica
• Turkmenistan
• Kazakhstan
• North Macedonia
• Romania
• Uzbekistan
• Turkiye
• Algeria
• Gabon
• Chad
• UAE
• Slovenia

What is a mutual evaluation report and how does the process work? Read our latest article here .

Deutsche Bank was fined $186 million from the Federal Reserve for AML problems.

A few days ago, the Federal Reserve fined Deutsche Bank and its U.S. affiliates $186 million for failing to tackle anti-money laundering (AML) control issues and previous shortcomings as identified by the U.S. central bank.

Read more here .

The 2021-2022 Egmont Group Annual Report is Now Available

The 2021-2022 Egmont Group (EG) Annual Report is now available. This report covers EG activities between July 2021 and July 2022, including:

• Work completed,
• Working Group developments,
• Activities of the Egmont Centre of FIU Excellence & Leadership (ECOFEL),
• Regional Group developments,
• 2021 Best Egmont Case Award winner and finalists,
• Strategic initiatives in action, and
• More

Source and link for the report click here .

DFSA fines bank Mirabaud USD 3 million for anti-money laundering controls failings

The Dubai Financial Services Authority (DFSA) has imposed a fine of USD 3,022,500 (AED 11,100,131) on the bank Mirabaud (Middle East) Limited (‘Mirabaud’) for having inadequate anti-money laundering (AML) systems and controls between June 2018 and October 2021.

The fine includes disgorgement of USD 975,000 (AED 3,580,687), which represents Mirabaud’s economic benefit from its contraventions in the form of fees and commission. Mirabaud agreed to settle the matter, reducing the fine from USD 3,900,000 (AED 14,322,750).

Source: DFSA

That's all for this month!

Stay tuned for next month's AML News and Updates! ??

Best

Anna

Founder

AML Cube Consulting and Education