Newsletter (28 Oct – 03 Nov 2024)
Welcome to this week’s edition of the Global AML News Weekly Digest. Here are the top stories making headlines around the world:
Singapore Unveils National AML Strategy
Singapore released its National Anti-Money Laundering (AML) Strategy to bolster its fight against money laundering (ML) in a rapidly evolving global landscape. As a trusted international financial center, Singapore upholds a firm AML stance while ensuring a welcoming environment for legitimate businesses and investments.
The National AML Strategy builds on three key pillars:
1. Prevent – Blocking criminal proceeds from entering Singapore’s financial system.
2. Detect – Swiftly identifying illicit flows and enforcing mitigation measures.
3. Enforce – Taking decisive actions against individuals exploiting the system for ML.
These pillars are supported by collaborative frameworks, robust legal structures, and enhanced international cooperation. Singapore’s updated Money Laundering National Risk Assessment (ML NRA) informed the strategy, reflecting the nation’s continuous effort to adapt to evolving ML risks.
Canada’s FINTRAC Imposes $107K Fine on JLL for AML Compliance Lapses
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) levied a fine of CAD 107,827 on Jones Lang Lasalle Real Estate Services, Inc. (JLL) after a compliance review revealed significant AML failures. JLL reportedly violated requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), highlighting persistent compliance issues within the real estate sector.
MAS Penalizes Atrium Asia with S$1.9M Fine for AML Violations
The Monetary Authority of Singapore (MAS) imposed a S$1.9 million penalty on Atrium Asia Investment Management Pte. Ltd. (AAIM) for breaching AML/CFT obligations. Additionally, AAIM’s CEO, Mintarja Oei, received a reprimand for inadequate compliance oversight. This action underscores MAS’s commitment to strict AML/CFT enforcement to maintain Singapore’s reputation as a global financial hub.
FATF Invites Public Input on Financial Inclusion and AML Standards
The Financial Action Task Force (FATF) has opened a public consultation on proposed updates to its standards to address unintended consequences of AML/CFT measures on financial inclusion. Proposed changes to Recommendation 1, along with Recommendations 10 and 15, aim to support proportionality and simplified risk-based approaches, enabling financial institutions and countries to implement inclusive yet secure AML measures.
SRA Annual AML Report Shows Surge in Regulatory Actions
The UK’s Solicitors Regulation Authority (SRA) released its 2023-24 AML report, marking an increase in regulatory actions to enhance AML compliance. Key statistics include:
– 78 AML breaches handled, up from 47 in 2022-23.
– £556,832 in fines for control failures.
– 545 proactive engagements, with 394 firms benefiting from AML support.
CEO Paul Philip emphasized the importance of collaborative AML efforts, noting improved sector compliance but stressing ongoing challenges.
Italy’s FIU Reports Rise in Suspicious Transactions for 2024
Italy’s Financial Intelligence Unit (UIF) published its semi-annual AML statistics for 2024, reporting a 3.3% rise in transaction amounts and 1.5% more transactions compared to the prior period. This uptick highlights increased vigilance and reporting within Italy’s financial sector amid growing ML risks.
Stay informed with our weekly digest, bringing you the most impactful news from around the globe. Thank you for reading!
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