Regulatory Initiatives Archives - Page 2 of 5

ACAMS Connection, ACAMS Today Europe 2022, Regulatory Initiatives

Harmonisation of the EU AML Framework

June 6, 2022February 2, 2023 /1 Comment

Whilst the EU’s anti-money laundering (AML) directive has been in existence since 1991,1 the framework has continued to evolve over the past 30 years. The European Commission has implemented the Financial Action Task Force (FATF) recommendations whilst increasingly adopting its own standards and best practices...

ACAMS Connection, ACAMS Today Europe 2022, Regulatory Initiatives

EU-wide Rules for Crypto Assets

June 6, 2022February 2, 2023 /Leave a comment

Crypto assets have given private individuals and groups the ability to access and provide a range of alternative financial services, which fall outside the scope of traditional banking, investments and payment services’ monopolies. In most jurisdictions, crypto assets can be used for speculative trading, payments...

December 2021 - February 2022, Regulatory Initiatives

Proliferation Financing: Revised FATF Recommendations and Challenges on the Ground

December 8, 2021March 10, 2023 /Leave a comment

On October 19, 2021, North Korea tested a submarine-launched ballistic missile. This was North Korea’s most provocative step since U.S. President Joe Biden took office, notable for two reasons. First, the ballistic missile can travel a long distance, exposing South Korea and Japan to the...

ACAMS Connection, Regulatory Initiatives, September 2021 - November 2021

The New Whistleblower Program AML Professionals Should Know

September 3, 2021February 2, 2023 /Leave a comment

The Anti-Money Laundering Act of 2020 (AMLA) is the most significant change to the U.S.’ anti-money laundering (AML) laws in more than a decade. One provision of interest to financial institutions (FIs) and AML professionals is the expansion of the Bank Secrecy Act’s (BSA) whistleblower...

June - August 2021, Regulatory Initiatives

Four Ways the AMLA Will Reduce Compliance Risk and Costs

June 25, 2021June 3, 2024 /Leave a comment

Either by explicit design or indirectly, several provisions in the Anti-Money Laundering Act of 2020 (AMLA)1 are expected to reduce compliance costs and compliance risks2 for banks, capital markets firms and other financial institutions (FIs) subject to BSA compliance program requirements. Congress has previously acknowledged...

ACAMS Connection, In Focus, Regulatory Initiatives

Are Regulators Coming for Crypto?

June 14, 2021February 2, 2023 /Leave a comment

The meteoric rise of cryptocurrency and its attendant community show no signs of slowing. Having started on the fringes of the financial sector, digital currencies are winning over hearts from Main Street to Wall Street. Crypto exchanges are seeing record growth as coins, both new...

ACAMS Connection, Exclusive, Regulatory Initiatives

The AMLA Targets Anonymous US Shell Companies, But Can It Halt Illicit Fund Flows Globally?

May 28, 2021February 6, 2023 /Leave a comment

The U.S. has long had a problem with shell companies, a loophole that has been overlooked in the fabric of its anti-money laundering (AML) regime. The misuse of anonymous shell companies unjustly enriches kleptocrats and criminals, allowing them to dodge taxes, skirt sanctions, as well...

ACAMS Today Europe, May - June 2021, Regulatory Initiatives

Latvia: Avoiding FATF’s Grey List

May 20, 2021June 3, 2024 /Leave a comment

In 2017, findings by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) served as encouragement and support for Latvia to initiate the needed changes to its anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing (CPF)...

ACAMS Today Europe, May - June 2021, Regulatory Initiatives

Cryptocurrency Regulations: Finding the Right Balance

May 20, 2021June 3, 2024 /Leave a comment

There are various ideas about cryptocurrencies; some claim that they are a Ponzi scheme, a scam or a bubble, others say they are the future. What exactly are they? Cryptocurrencies are like fiat money, but they do not have a physical presence and more importantly,...

ACAMS Today Europe, May 2020 - June 2020, Regulatory Initiatives

Borderless Cryptocurrency, Borderless Regulation

June 5, 2020February 10, 2021 /Leave a comment

In 2008, the pseudonymous Satoshi Nakamoto published the bitcoin white paper describing a cryptocurrency free from the control of governments or banks.1 Twelve years later, there are over 2,000 cryptocurrencies, but Nakamoto’s libertarian vision has collided with the realities of regulation. According to Chainalysis, a...

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Regulatory Initiatives