Clari5 Market Insights
Clari5 real-time, cross-channel financial crime management solution is built to meet the compliance mandates of central banks within the prescribed timeframes.
EUROPEAN UNION
EBA has published a report on ML / TF risks associated with payment institutions. The EBA’s findings suggest that ML / TF risks in the payment institutions sector may not be assessed and managed effectively.
EU Parliament Committees have mandated AML / CFT package regulations which EU member states are required to implement in 2024. The EU Security Union Strategy for 2020-2025 highlights the importance of enhancing the EU’s framework for AML and CTF.
UNITED KINGDOM
UK’s Financial Conduct Authority (FCA) has released its FCA Strategy 2022-25, containing guidelines for financial institutions for fraud and money laundering. Among its 3 commitment areas are, reducing and preventing financial crime, setting and testing higher standards, and promoting competition and positive change. Reduction and prevention of financial crime is one of the primary focus areas of FCA’s Business Plan for 2023-24.
UNITED ARAB EMIRATES
CBUAE has issued a new guidance for licensed FIs on risks related to virtual assets (VA) and virtual asset service providers (VASPs) which needs to be complied with, by June 30, 2023.
Saudi Arabia
BSP has mandated Philippine Financial Institutions to be operational with Fraud Management Systems By 31 December 2022.
HONG KONG
With digital or technology-related crimes reaching record highs, the HKMA, in collaboration with the Hong Kong Association of Banks and the Hong Kong Police Force, has formulated a set of additional measures to further strengthen e-banking security.
PHILIPPINES
The Anti-money laundering council (AMLC), the Philippines’ Financial Intelligence Unit, has issued regulatory reporting guidelines for FIs for fraud and money laundering, approving the deferment of reporting of specific transactions identified as low risk transactions for money service businesses (MSBs).
Malaysia
BNM has announced five additional security measures for FIs to strengthen safeguards against financial scams especially in internet and mobile banking services.
BNM has issued new guidelines for FIs for risk management in technology. The new guidelines aim to strengthen FIs’ technology resilience against operational disruptions, to ensure the continuous availability of essential financial services to customers and adequate protection of customer data.
INDIA
The RBI recently (on April 28 and May 4, 2023) introduced amendments to its 2016 Master Direction on KYC for Regulated Entities on the conduct of customer due diligence (especially in non-face-to-face customer onboarding) to combat money laundering, terrorist financing, and other related risks.
BANGLADESH
Bangladesh Bank has mandated more stringent vessel / container tracking to curb ghost / phantom shipments.
KENYA
On July 27, 2022, CBK launched the ML / TF National Risk Assessment Report (NRA). The report identifies and assesses Kenya’s ML / TF risks at a national and sectoral level.
Uganda
In order to comply with FATF recommendations 7, 24, 25, the Parliament of Uganda on 30th August, 2022 passed six new bills to address existing gaps in the law on beneficial ownership information and proliferation financing.