The Wolfsberg Group’s Post

China's National Financial Regulatory Administration (#NFRA) has released new draft rules to refine the qualification requirements for #directors and senior managers of #banks including to ensure their independence. https://lnkd.in/gmeDnMyz

Navigating the New Wave of EU Anti-Money Laundering Regulations In July 2024, major changes in EU anti-money laundering regulations came into effect with the Anti-Money Laundering Regulation (AMLR), the new Anti-Money Laundering Directive (AMLD), and the Regulation establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA-R). This marks a significant milestone in the EU’s reform agenda that began on July 20, 2021, with the ‘EU AML package.’ The AMLR and AMLD create a harmonized European Single Rulebook for preventing money laundering, countering terrorism financing, and ensuring compliance with EU financial sanctions. The AMLA-R introduces the European Anti-Money Laundering Authority (AMLA), which will oversee selected financial and crypto institutions, provide indirect supervision of others, and support financial intelligence units (FIUs). Key changes include: •Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD): New requirements for additional information and EDD for bespoke wealth management services. •Beneficial Ownership: Ownership threshold set at 25%, with complex calculations for multi-layered ownership structures. •Politically Exposed Persons (PEPs): Expanded to include siblings and heads of local and regional authorities with over 50,000 inhabitants. •Outsourcing: Notification requirements for outsourcing arrangements and restrictions on certain critical activities. •Targeted Financial Sanctions: Enhanced obligations to comply with EU sanctions and prevent evasion. Upcoming regulatory changes will peak on July 10, 2026, July 10, 2027, and July 10, 2029. Institutions must prepare for nearly 100 key deadlines, including the issuance of technical standards and guidelines. KPMG Netherlands is equipped to help institutions navigate these changes. We offer services ranging from updating risk management frameworks to training and compliance advice. Start preparing now to ensure full compliance with the new AML regulations. https://lnkd.in/gGw8u72y

Last week, #OFAC issued a new reporting requirement for many different types of financial institutions in the U.S. These institutions now have to report to OFAC all #Russian sovereign assets that they hold, with reports due by August 2, 2024, or within 10 days of detecting the Russian sovereign asset. It's a broad new OFAC requirement, which hasn't received a lot of media attention, but will create new #compliance obligations for #banks. Our latest post covers what financial institutions need to know. #sanctions #financialinstitutions #banking #AML

🇮🇹 The Italian Financial Intelligence Unit (#UIF) has just published the latest anti-#moneylaundering statistics: in the first half of 2024, aggregated reports show an increase in both #transaction amounts (+3.3%) and the number of operations (+1.5%) compared to the previous semester. Certain sectors, such as commerce and public administration, show a slight decrease in #suspiciousactivities, while there has been a notable rise in the value of #gold exchanged (+42.4% compared to the same period in 2023). Internationally, cooperation continues to grow: 429 information requests were sent to foreign #FIUs, and cross-border reporting has increased, highlighting a focus on suspicious cross-border movements. These findings underscore the importance of continuous monitoring and a global network to combat money laundering. #aml #antimoneylaundering #dirtymoney #followthemoney

🇪🇺The European Banking Authority (EBA) published its final Guidelines on the so-called “#travelrule” yesterday. This rule mandates the information that must accompany transfers of funds and certain #cryptoassets, aiming to prevent the misuse of such transfers for #moneylaundering and #terroristfinancing purposes. #aml #compliance #antimoneylaundering

European banks are expected to report on all transfers of funds worth more than 100,000 euros – direct and indirect - out of the EU from entities with significant Russian ownership since the start of the year by July 15. But Moody's Nicola Passariello MBA, Prof.PgDip (FCC), Int.Dip(FinCrime), CAMS and others are warning that the infrastructure is not in place for monitoring the activities of the 47,000+ EU entities meeting the 40% ownership threshold. While direct transfers are reasonably manageable, indirect flows will be exceptionally hard – one ACAMS expert interviewed here uses the word “impossible” – to keep track of. And with banks expected to deliver their reports by July 15, what can we expect to see happen next? #AML #Compliance #KYC https://lnkd.in/ekjGciiv

🏃♂️ The potential rollback of the Basel Endgame rules in the US raises concerns over a “race to the bottom” in global banking regulation, warns Michael J. Hsu, acting US Comptroller of the Currency. Speaking at the FT and The Banker’s Global Banking Summit, Hsu cautioned that regulatory erosion could undermine stability, echoing pre-2008 vulnerabilities. 🌐 International delays in Basel III implementation — from the EU to the Bank of England — add to the uncertainty. The Financial Stability Board has urged G20 nations to stay committed, but questions remain over consistent enforcement. ⚠️ Hsu also stressed reforming liquidity frameworks to counter rapid deposit runs and called for clarity in bank/non-bank partnerships to ensure accountability — a pressing issue for today’s interconnected financial ecosystem. Read more here: https://lnkd.in/edUbfrkB Barbara Pianese reports

This weekend, the principals of U.S., European Banking Union and U.K. financial authorities will meet in Washington, part of a series of exercises to test cross-border coordination and readiness to resolve a global systemically important bank in an orderly way.   This Trilateral Principal Level Exercise is intended to enhance understanding of each jurisdiction’s resolution regime for global systemically important banks (G-SIBs), strengthen coordination on cross-border resolution, and promote confidence in and commitment to the orderly resolution of G-SIBs. https://lnkd.in/exzJ-5wJ

Important exercise both in going and gone concern

Completed the Trade-Based Money Laundering (TBML) course and earned a certificate from the World Bank Group. This experience has deepened my understanding of TBML risks, challenges, and mitigation strategies, equipping me to contribute effectively to combating financial crimes in global trade. #TBML #Compliance #FinancialCrime #WorldBankGroup #ProfessionalGrowth