Kayleigh Smale’s Post

{IMPORTANT UPDATE} The Financial Action Task Force (FATF) has had its latest plenary and has updated its list of Jurisdictions under Increased Monitoring. Jurisdictions added: 🇰🇪Kenya 🇳🇦Namibia Jurisdictions removed: 🇧🇧Barbados 🇬🇮Gibraltar 🇺🇬Uganda 🇦🇪United Arab Emirates Jurisdictions that have completed their action plan and require an onsite visit to verify this: 🇯🇲Jamaica 🇹🇷 Turkey Please note these countries have not yet been removed from this list. If the onsite visit shows the action plan has been completed, these countries will likely be removed from the list of Jurisdictions under Increased Monitoring at the next plenary. 🇸🇾Syria & 🇾🇪Yemen FATF were unable to conduct an onsite visit before this plenary due to security issues Remember the Money Laundering Regulations were amended early this year which amended the definition of a High Risk Third County to be a country listed by FATF in its list of High-Risk Jurisdictions subject to a Call for Action and Jurisdictions under Increased Monitoring. So make sure your policies and procedures are updated to reflect these changed and more importantly make sure staff are aware of these changes and what they need to do if they have clients in jurisdictions that have been added or removed. #compliance #aml #greylist

FATF Update 📢 The Financial Action Task Force (FATF) has announced the latest jurisdictions under increased monitoring: 🌟 Jamaica and Turkey are no longer subject to increased monitoring. ⚠ Monaco and Venezuela are now under increased monitoring. Stay updated and align your compliance strategies with the latest regulatory changes. #FATFUPDATE #FinancialCompliance #RegulatoryUpdate

"Thrilled to share insights from Dr. Abhishek Jajoo Group CEO of AJMS, and Rizwan Khan,MSC Financial Crime, Manchester Univ. (DFSA Approved Senior MLRO) Global Compliance Expert, on the UAE's Removal from FATF Grey List. Their expert analysis provides invaluable understanding of the implications and opportunities arising from this development. A must-read for anyone interested in global compliance and financial integrity! #UAE #FATF #Compliance #FinancialIntegrity"

Several #APAC countries are gearing up for their Financial Action Task Force (FATF) mutual evaluations, with Maldives and Niue expected in October 2024, Malaysia and Singapore in 2025, and China and Australia following in 2026. Access LexisNexis Risk Solutions playbook which offers strategic insights for improving #compliance and enhancing defenses against financial crime in the region. #FATF #FCC #mutualevaluation #LNRS

🌐 Insights from the Latest #FATF Plenary: Key Actions for #ComplianceOfficers 🌐 The latest Financial Action Task Force (FATF) updates are essential for staying aligned with global #AML & #CFT requirements. Here's what #compliance teams should consider: 1️⃣ FATF's Fourth Assessment Cycle Completion     - Argentina and Oman have been assessed, with noted improvements needed in Argentina's #sanctions and sector oversight and Oman’s focus on investigation and confiscation efforts. 2️⃣ #GreyList Updates     - Countries added: Algeria, Angola, Côte d’Ivoire, Lebanon     - Country removed: Senegal     - No changes were made to the black list. What This Means for Compliance Officers: 👉 Review and Update #CountryRiskRatings:     - Consider adjusting your firm’s country #riskprofiles in line with these latest FATF classifications. Changes may affect #risk exposure and decision-making across various client #jurisdictions. 👉 Enhance Customer Due Diligence (#EDD):     - Ensure targeted #CDD measures are in place for clients connected to newly grey-listed regions, reflecting the increased scrutiny advised by FATF. 👉 Keep Teams Informed:     - Update relevant compliance, operations, and management teams to ensure seamless alignment with these changes. For guidance on adapting your AML/CFT program to meet these updates, reach out to us at Camilleri & Dimech Consultancy. We’re here to support your compliance efforts every step of the way. #directors #csps #tsps #lawfirms #notaries #realestate #fintech #emi #banking #mlro #riskmanagement #JRA #duediligence #regulatoryupdates #staycompliant #financialcrimeprevention https://lnkd.in/eneMHPgn

Did you know that on April 17, 2023, Bank Negara Malaysia released a document titled 'Professionalism of Insurance and Takaful Agents'? Section 9.13 states that takaful consultants must complete Module 2 RFP or IFP. The purpose behind BNM's introduction of this new policy is to enhance the professionalism of consultants and instill confidence in the public regarding takaful consultants. This policy came into effect on January 1, 2024. This module is also one of the requirements to become an Islamic Financial Adviser Representative (IFAR). There are many benefits to becoming an IFAR. For more information, you can contact our consultants at #OSA. #GoFARwithOSA #OneSolutionAdvisory #financialadvisor

🚨 Attention UK Firms: Kenya and Namibia Designated as Higher Risk by FATF 🚨 The Financial Action Task Force (FATF) has updated its list of jurisdictions under increased monitoring, impacting UK businesses. Stay ahead with our latest updates.  Two new jurisdictions on the watch: ·      Kenya ·      Namibia Four jurisdictions removed from the list: ·      United Arab Emirates ·      Gibraltar ·      Uganda ·      Barbados Effective 23rd January 2024, the UK's list of High-risk countries, Schedule 3ZA, is superseded by the FATF list. Adherence to the FATF list is now legally mandated for UK firms. Compliance is essential for client onboarding and business transactions.  Immediate Action Required: ·      Update Anti-Money Laundering (AML) risk assessments ·      Review client onboarding, Customer Due Diligence (CDD), and ongoing monitoring processes ·      Revise internal policies and procedures How Complyport Can Help: Our expert team is ready to guide your firm through these regulatory changes. We offer: ·      Comprehensive business and AML risk assessments ·      Customised policies and CDD solutions 📞 Get in Touch Now: Don't wait to ensure your FATF compliance. Click the link to learn more and to book a free consultation> https://lnkd.in/eRG2fKWb #Complyport #FATF #Compliance #AML #UKBusinesses #FinancialCrime #AntiMoneyLaundering #FinancialServices

🚨An important update to the FATF high risk list! Take a look at our article below:

FATF Annual Report 2022-2023 The Financial Action Task Force (FATF) Annual Report 2022-2023 sets out the achievement of the Financial Action Task Force (FATF) to deliver on its mandate and strategic priorities to prevent #criminals, the #corrupt and #terrorists from abusing the international #financialsystems and strengthen the foundations for sustainable and more inclusive economic development. The first year of the Singapore Presidency of T. T Raja Kumar saw significant progress made by the Financial Action Task Force (FATF) in its fight against financial crime, including:    1. Asset Recovery - important progress to provide countries with a more robust toolkit to target and confiscate #criminal assets, including by joining forces with INTERPOL in a strategic partnership through the FATF-INTERPOL Roundtable Engagement to focus on the strategic and operational changes necessary to take the profit out of crime. 2. Virtual asset - a roadmap to identify countries with materially important #virtualasset activityroadmap to close the gaps in the global regulation of #virtualassets and #virtualasset service providers. 3. Transparency and beneficial ownership - updated guidance to help countries implement the recently revised requirements on #beneficialownership of legal persons and a strengthened Financial Action Task Force (FATF) Standard on #beneficialownership of trusts and other legal arrangements. 4. Methods and trends -  new reports on countering #ransomware financing, #moneylaundering and #terroristfinancing in the #art and and #antiquities market and the illicit proceeds generated from the #fentanyl and related #synthetic #opioids supply chains. 5. Mutual evaluations - publication of the mutual evaluation reports of Germany, Indonesia, the Netherlands and Qatar. 6. Unintended consequences - Financial Action Task Force (FATF) advanced on its work to strengthen its standards and prevent the application of disproportionate measures on non-profit organisations. 7. Global Network - this year, the Financial Action Task Force (FATF) prioritised work to further reinforce partnerships with its regional partners, the FATF-Style Regional Bodies. Compliance Institute, Nigeria ACCOBIN Association of Chief Compliance Officers ACCOBIN

Today, the final Plenary of the Financial Action Task Force (FATF) under the #Singaporean Presidency has concluded. FATF has removed two countries from its increased monitoring list (i.e., grey list) following successful onsite visits and updated its statements on high-risk and other monitored jurisdictions. Congrats to #Turkiye and #Jamaica for their removal from the grey list after their significant progress in addressing the strategic AML/CFT deficiencies previously identified during their mutual evaluations. Also, I am pleased to note that one of the key priorities of the incoming #Mexican Presidency for 2024-2026 is to advance Financial #Inclusion by promoting the risk-based implementation of the FATF Standards under the principle of proportionality. For more details on the outcomes of the #FATF Plenary, 26-28 June 2024, and to learn about other key priorities of the incoming Mexican Presidency, you can visit this link https://lnkd.in/edngSXrQ Louis De Koker, Ivo Jeník, CGAP #FinancialInclusion #AML #RBA