AML Roundup: FATF removes Switzerland from enhanced AML scrutiny regime – SRA proposes to be sole AML supervisor for UK Legal Sector – Germany’s proposed fresh strategy to combat money laundering – Money Laundering, Fraud, Corruption, & Bribery – Regulation, Legislation and Sustainability – Gaming and Gambling – Crypto & Virtual Assets – Sanctions
27 Oct 2023

Welcome to this week’s AML Roundup. In our anti-money laundering news this week, FATF announces the removal of Switzerland from its enhanced AML scrutiny regime, Germany proposes a fresh strategy to combat money laundering and the SRA proposes to be the sole AML supervisor for the UK Legal Sector.

We’ve news from the Corporate Registry Department (CRD) as they set the timeline for Beneficial Ownership. The EU-UK Financial Regulatory Forum issues a joint statement and FinCEN announces it has renewed and expanded orders targeting real estate transactions.

Crypto news includes Senators in the US advocating for equal AML rules in regulating crypto and UK Crypto AML registrations receive mixed feedback from FCA. In gambling news, Norway reveals a plan for DNS blocking to restrict unlicensed gambling sites.

To complete this week’s Roundup, we provide you with further money laundering, fraud, corruption and bribery updates from around the world. In addition, there is news on understanding control within the UK sanctions framework.

Money Laundering, Fraud & Corruption

FinCEN renews and expands orders targeting real estate transactions

FinCEN has announced the renewal and expansion of its Geographic Targeting Orders (GTOs) for real estate transactions. These orders aim to combat money laundering and illicit financial activities in the real estate sector by requiring enhanced reporting and due diligence for certain high-value transactions.

FATF removes Switzerland from enhanced AML scrutiny regime

The Financial Action Task Force (FATF) has removed Switzerland from its enhanced scrutiny regime for Anti-Money Laundering (AML) measures. This decision reflects Switzerland’s significant progress in strengthening its AML frameworks and effectively combating money laundering and illicit financial activities.

Philippines directs government agencies to combat money laundering and terrorism financing

The Philippine government has instructed 44 government agencies, including Pagcor, to take action in its efforts to exit the global Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) grey list. This move aims to strengthen the country’s AML/CTF measures and improve its regulatory frameworks to combat illicit financial activities.

Legislation, Regulation and Sustainability

Germany’s proposed fresh strategy to combat money laundering

Germany unveils a new approach to tackle money laundering, aiming to enhance its anti-corruption and fraud measures. The country’s proposed strategy seeks to strengthen regulatory frameworks, improve cooperation between authorities, and implement stricter due diligence requirements to effectively combat illicit financial activities.

CRD sets Beneficial Ownership timeline for November

The Corporate Registry Department (CRD) has set a timeline for the implementation of beneficial ownership regulations in November. This move aims to enhance transparency and combat money laundering by requiring companies to disclose their beneficial owners.

SRA proposes to be sole AML supervisor for UK Legal Sector

The Solicitors Regulation Authority (SRA) has made a proposal to become the sole Anti-Money Laundering (AML) supervisor for the UK legal sector. This move aims to streamline AML supervision and enforcement in the legal profession, ensuring consistent standards and effective compliance measures across the sector.

EU-UK Financial Regulatory Forum issues joint statement

The Joint EU-UK Financial Regulatory Forum has issued a joint statement highlighting their commitment to cooperation and information sharing in financial regulation. The statement emphasizes the importance of maintaining robust AML measures, combating money laundering, and ensuring the integrity of the financial systems in both the EU and the UK.

Gaming and Gambling

Norway reveals plan for DNS blocking to restrict unlicensed gambling sites

Norway unveils its strategy to implement DNS blocking measures aimed at curbing access to unlicensed gambling websites. The government’s plan seeks to restrict Norwegian citizens from accessing unauthorized online gambling platforms, thereby channeling them towards licensed operators that comply with regulatory requirements.

Crypto & Virtual Assets

UK Crypto AML registrations receive mixed feedback from FCA

The Financial Conduct Authority (FCA) has provided feedback on the quality of applications for crypto Anti-Money Laundering (AML) registrations in the UK. The FCA’s assessment highlights both positive and negative aspects of the applications, emphasizing the need for improved standards and compliance measures in the crypto sector.

Senators advocate for equal AML rules in regulating crypto

Senators in the US are pushing for equal Anti-Money Laundering (AML) rules in the regulation of cryptocurrencies. This initiative aims to address potential vulnerabilities and enhance AML measures in the crypto sector by ensuring consistent regulations and compliance requirements.


Understanding control in UK sanctions framework

An analysis of the UK sanctions regime sheds light on the concept of “control” and its implications within the framework. There are various factors that determine control, including ownership, influence, and decision-making authority. Understanding control is crucial for businesses to ensure compliance with UK sanctions regulations and avoid potential penalties.





RiskScreen AML spotlight report

AML Vulnerabilities in Gaming and Gambling

Gaming and gambling companies risk getting caught in a pincer movement. On the one hand, criminal groups are eyeing the potential opportunities afforded by the industry to launder the proceeds of wrongdoing, particularly as online gambling has boomed. On the other, regulators, alert to this danger, are increasingly cracking down on companies judged to have fallen short on anti-money laundering (AML) standards.

In this industry report, we look at:
– Where gambling and gaming companies face AML risks
– The regulatory environment
– How to ensure compliance with AML

Download this valuable compliance analysis here.

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