Keeping Up With the Regulators — August 2019 Week #4
Your weekly briefing on what’s new in KYC/AML for FinTechs
3 min readAug 27, 2019
After two weeks of vacation, Fractal is back to sharing our weekly briefings to help FinTechs stay up-to-date with the latest developments in the KYC/AML regulatory space. In case you missed our last issue, here it is:
Find this week’s briefing below:
Week 16.08.2019–23.08.2019
What’s cooking in the regulatory space?
- Australia: Using more than 10,000€ in cash might become a criminal offence
- Brazil: The Financial Activities Control Board (Coaf) — responsible for monitoring money laundering — will be under the central bank’s control
- Canada: Saskatchewan government is set to introduce amendments to the AML framework
- Cayman Islands: Steps being taken to address the Caribean FATF’s recommendations for improvement of the AML/CTF framework
- EU: A second attempt at a new list of high-risk third countries scheduled for October
- Gambia: FIs and designated non-FIs gathered to strengthen the capacity to undertake robust and FATF aligned AML/CTF measures
- Germany: Implementation of the AMLD5 and its impacts on crypto-assets service providers inside and outside Germany
- India: The Prevention of Money Laundering Act was amended to contemplate forms of remote KYC
- Netherlands: Draft guidelines on the application of AML/CTF rules open to consultation until 16 September 2019
- Pakistan: Being blacklisted by the FATF Asia-Pacific group disfavours Pakistan’s case for the FATF’s review in October
- USA: Enforcement of consumer data privacy rights on the rise with the implementation of the California Consumer Privacy Act starting on 1 January 2020
News
- The Commonwealth Bank case triggered a flood of self-disclosures of potential AML breaches by Australian financial institutions
- CypherTrace flags rise in misappropriation of funds from cryptocurrency users and exchanges
- Libra’s anti-trust potential is under investigation by the European Commission
The AML’s Watch
- Dutch authorities leverage the financial industry’s intelligence to clamp-down on trade-based money laundering
- The State Bank of Pakistan imposed heavy fines on 4 leading banks for several regulatory breaches, including AML
- Norway’s Financial Supervisory Authority (FSA) found shortcomings in DNB’s compliance with AML rules
- Sweedish regulator delays the publication of the results of the probe over failures in anti-money laundering processes
- Al Rayan Bank under investigation by UK’s Financial Conduct Authority
Add this to your knowledge folder
- A spectrum of the regulatory sentiment towards crypto around the world
- The long arm of US sanctions related laws
- Brexit impact on UK’s AML regime
- Latest AML guidance for banks in the EU, Germany, Hong Kong, Netherlands, United Arab Emirates, UK and USA
- Keep up with the AMLD5
Good reads
- What will be the regulatory approach to Libra?
- The role of traditional banking in laundering money
- Unsupervised learning — the only worthy opponent of money laundering
- Algorithms are not yet ready to replace compliance officers — some steps needed to tap the full potential of AI
- The bias that the use of AI by financial regulators may carry
- Getting better at suspicious activity reporting
- Crypto industry at a crossroads: protecting privacy ideals vs increasing adoption
About the Author:
Catarina Veloso is a legal counsel at Fractal and co-chair of INATBA’s identity working group — Catarina specialized in energy law and focused on how blockchain technology can contribute to the management of electricity grids; but an unexpected(-ly happy) turn of events lead her to work closely with Fractal’s product team to remove all the friction while keeping all the compliance in a global KYC/AML onboarding solution.
