Government Of Singapore Planned Measures To Strengthen Anti-Money Laundering (AML) Controls The Government of Singapore will form an inter-ministerial committee to consider further measures to strengthen its anti-money laundering regime. The committee will focus on four core areas: better prevention of corporate structures, enhancements by financial institutions to guard against red-flag suspicious transactions, guarding money laundering risks, and strengthening monitoring and sense-making capabilities across government agencies to detect suspicious activities. Know more
AUSTRAC Issued Customer Identification Guidance For Gambling Providers The Australian Transaction Reports and Analysis Centre (AUSTRAC) has published customer identification guidance for gambling providers. The document highlights ACIP guidelines for creating an online gambling account for a customer while carrying on a gambling business. Know more
Government Of Pakistan To Setup Anti-Money Laundering (AML) Authority The Government of Pakistan will establish the Anti-Money Laundering Authority (AMLA) as an autonomous body that will exist under the administration of the Ministry of Interior (MoI). The AMLA would be linked with the Financial Action Task Force (FATF)’s Anti-Money Laundering and Counter-Terrorist Financing and the motive of establishing the Authority is to expand the scope of checking the terrorist outfits involved in the financial crime of money laundering other than Pakistan. Know more
Acts/Decrees/Laws/Regulations
Beneficial Ownership Information Reporting Deadline Extension For Reporting Companies Created Or Registered In 2024, United States of America On September 28, 2023, the Financial Crime Enforcement Network (FinCEN) has proposed a rule to amend the beneficial ownership information (BOI) reporting rule (Reporting Rule) and extend the filing deadline for certain BOI reports. Under the Reporting Rule, entities created or registered on or after the rule's effective date of January 01, 2024, must file initial BOI reports with FinCEN within 30 days of notice of their creation or registration. Know more
Directive/Guidelines/Notifications
Guiding Principles For The Management Of Virtual Assets Platforms And Transaction Business Enterprises (VASP), Philippines On September 26, 2023, the Financial Supervisory Commission of Taiwan has published guiding principles for the management of virtual asset platforms and transaction business enterprises (VASP). The guiding principles strengthen the platform's customer protection from aspects such as transaction information transparency, customer asset custody methods, platform operators' internal control management, and external expert assistance. Know more
Strengthened Customer Identification Procedures For Online Gambling Service Providers, Australia On September 28, 2023, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has published customer identification guidance for gambling providers. The document highlights ACIP guidelines for creating an online gambling account for a customer while carrying on a gambling business. The AUSTRAC amended the AML/CFT rules to strengthen the ACIP applied to online gambling service providers. Know more
Report/Consultation Papers/Fact Sheet
Reminder For Covered Persons To Implement Risk-Based Preventive Measures Against Money Laundering And Terrorism Financing On Its Customers, Including Transactors, Philippines On October 03, 2023, the Philippines Anti-Money Laundering Council (AMLC) has published an advisory for covered persons to implement risk-based preventive measures against money laundering and terrorism financing (ML/TF) on its customers, including transactions. The Anti-Money Laundering Council (AMLC) also highlighted that a transactor should be distinguished from the authorized agent or representative of the account owner/holder. Know more
Mutual Evaluation Report Of Luxembourg The Financial Action Task Force (FATF) published a mutual evaluation report of Luxembourg. The report summarises the anti-money laundering and counter-terrorist financing measures (AML/CFT) that were in place in Luxembourg from May 04, 2009 to May 15, 2009. It describes and analyses these measures offers recommendations on how to strengthen certain aspects of the system and assesses Luxembourg’s level of compliance with the 40+9 Recommendations of the Financial Action Task Force (FATF). Know more
Note:
-Primary regulatory documents include: Acts, Decrees, Laws, and Regulations
-Secondary regulatory documents include: Directives, Guidelines, and Notifications
-Other regulatory documents include: Consultation Papers, Reports, and Fact Sheet
