‘Women in FinCrime Summit’ hears powerful rallying call to women in AML from global AFC leaders, new ‘Country Risk’ guide from Wolfsberg Group

From Stephen Rae and Alisha Houlihan

‘Women in FinCrime Summit’ hears powerful rallying call to women in AML from global AFC leaders, new ‘Country Risk’ guide from Wolfsberg Group

THE ‘WOMEN IN FINCRIME SUMMIT’ this week heard a powerful rallying call to women in the sector to make greater strides in leadership roles and be heard more. The fifth ‘WiFC Summit’ took place Tuesday with amazing contributions from Anti-Financial Crime leaders representing the EU, North America, Latin America and Africa. There has been a huge reaction online to the stories of incoming FATF President Elisa de Anda Madrazo , FINTRAC’s Sarah Paquet , South Africa’s Xolisile Khanyile and the European Commission’s Alexandra Jour-Schroeder. We have a wrap story on the day’s proceedings here: ‘Women in FinCrime Summit’ hears powerful contributions on need for greater equality and more female leadership in AFC sector

Newly elected FATF president Elisa de Anda Madrazo – who takes office in July - told the Women in FinCrime Summit that women in AML-CTF need to challenge gender politics at work. Speaking in a personal capacity Ms de Anda gave a passionate presentation to AFC women professionals in a bid to empower other women in the sector. “There is a big gap between women and men in the financial sector but in AML in particular,” Ms de Anda told the summit. “If we look at the data in our own governments and financial institutions and at FATF, you see women at entry level, but if you start to look at leadership positions, there’s a leaky pipeline. “This is an issue because it becomes a sector that is labelled male-dominated,” she told some 500 delegates.

The incoming president stated women occupied too few senior roles even in FATF. However, she signposted the fact that she is the incoming president while Violaine Clerc is the executive secretary. That two women will hold such powerful roles in FATF simultaneously, was of course, “fantastic” she added. It highlighted progression is emerging within the sector. However, the transition to equal representation was still too slow, she felt.

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Europe’s new AML laws and the new anti-money laundering Authority (AMLA) marked major progress, one of the EU's most senior financial services officials told the summit. Alexandra Jour-Schroeder, Deputy Director General for the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union, said: “For the first time we’ll have a rule book.”

Though Ms Jour-Schroeder expected the development of the body to take some time, she believed the AMLA was set to be “very robust” and that it would bring about direct change across the private sector in fighting money laundering. One of the tasks currently set is to “try to mitigate risk associated with cash” but a new “harmonised approach” would strengthen the industry, she said. “You’re not taking away the risk approach, which is of course, very important,” she said. The private sector would have to carefully examine certain transactions. And risk assessments and the development of tech, would help AML “level up” she said. AMLA is, she felt, a “real game changer,” which will implement “direct supervisory competencies on risk” within the financial sector.

The Wolfsberg Group of banks this week published its most updated Country Risk Frequently Asked Questions (FAQs). We have studied the document in depth on your behalf and published our made-simple guide to its contents. Our analysis is available to full ‘AML Intelligence' Members on the homepage now.

The rapid digitalisation of finance in Asia could pose new risks to financial system stability, Bank of Japan (BOJ) Governor Kazuo Ueda said today (Wednesday), stressing the right balance is needed between the benefits and costs of financial innovation. While such developments enhance financial inclusion, they also heighten the need for policymakers to manage cyber-security risks and enhance anti-money laundering regulation, Ueda said. "Crypto assets, tokenisation, artificial intelligence (AI), and other new technologies may bring opportunities, but they could also pose risks to the financial system," Ueda said in a keynote speech to the Asia-Pacific high-level meeting on bank supervision.

Britain’s Financial Conduct Authority (FCA) wrote to CEOs of Annex 1 firms over AML failings. The authority sent a "Dear CEO" letter to the cohort warning of the failings it found. The letter contains a very clear expectation of the cohort. "We expect you to complete a gap analysis against each of the common weaknesses we have outlined within six months of receipt of this letter.”

There are an increasing number of instances of multiple stolen debit cards being used to fund online gambling activities, Britain's Gambling Commission said in its latest AML/CFT guide.

Meanwhile, UK banks have been alerted to hundreds of ‘rogue’ filings which appear to have been lodged at Companies House, the UK’s central corporate register. The banks’ representative group UK Finance warned its members that some 800 forms relating to the discharging of financial liabilities were submitted at Companies House late last month.

Now for your mid-week news blast:

WOMEN IN FINCRIME RECAP: THE ‘Women in FinCrime Summit’ saw female AFC leaders make powerful contributions to the need for greater equality in the sector – and a renewed focus on protecting victims of crime. The Summit on Tuesday – the fifth in the series – caused a huge reaction online as attendees lauded the speakers, drawn from the EU, North America, Latin America and Africa. Read this on: ‘Women in FinCrime Summit’ hears powerful contributions on need for greater equality and more female leadership in #AFC sector

Separately, for your diaries - our first in-person meeting of the ‘Women in FinCrime’ community takes place on the morning of May 16 next at the ‘Women in FinCrime Breakfast’ which takes place ahead of the official opening of ‘European Anti-Financial Crime Summit 2024’ in Dublin. Have you booked your ticket for the summit yet, set to be the stand out AFC event of 2024 with the best speakers and C-Suite delegates? Early Bird Rates available until next week.

WOLFSBERG'S NEW ‘COUNTRY RISK’ FAQS: With the most recent Country Risk Frequently Asked Questions (FAQs) being issued by the Wolfsberg Group in 2018, this new document gives a long-awaited update. It also means the 2018 guidelines are now retired. Wolfsberg is a group of leading banks named after Chateau Wolfsberg (pictured) in north-eastern Switzerland where members first met in 2000 to develop AML principles for banking.

EUROPE’S NEW AML REGIME EXPLAINED: EUROPE'S new AML laws and the new anti-money laundering Authority (AMLA) marked major progress, said one of the EU's most senior financial services officials. Alexandra Jour-Schroeder, Deputy Director General for the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union, said “for the first time we’ll have a rule book.” Welcoming the formation of AMLA Ms Jour-Schroeder was speaking at the fifth 'Women in FinCrime Summit' on Tuesday.

RALLYING CALL TO WOMEN IN AML BY INCOMING FATF CHIEF: Incoming FATF president Elisa de Anda Madrazo has told the Women in FinCrime Summit today (Tuesday) that women in AML-CTF need to challenge gender politics at work. Ms de Anda Madrazo - who was elected as president of the Financial Action Task Force (FATF) for the period from July this year until June 2026 - gave a passionate presentation to AFC women professionals in a bid to empower other women in the sector.

FCA’s WARNING LETTER TO ANNEX 1s: BRITAIN'S Financial Conduct Authority (FCA) wrote to CEOs of Annex 1 firms over AML failings. The authority sent a "Dear CEO" letter to the cohort warning of the failings it found. The letter contains a very clear expectation of the Annex 1 cohort. "We expect you to complete a gap analysis against each of the common weaknesses we have outlined within six months of receipt of this letter.

GAMBLING COMMISSION’S NEW AML GUIDANCE: THERE are an increasing number of instances of multiple stolen debit cards being used to fund online gambling activities, Britain's Gambling Commission said. "This, along with virtual debit card products that allow multiple virtual debit cards to be linked to one bank account, poses a significant money laundering and terrorist financing risk," the Commission revealed.

UK BANKS WARNED ON COMPANY FORMATIONS: UK BANKS have alerted to hundreds of ‘rogue’ filings which appear to have been lodged at Companies House, the UK’s central corporate register. The banks’ representative group UK Finance warned its members that some 800 forms relating to the discharging of financial liabilities were submitted at Companies House late last month. In the notice to banks – marked “Urgent” – the body said it had alerted both Companies House and the Department for Business and Trade to the issue.

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Have a great Wednesday ??

Stephen and the team at AMlintelligence.