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Welcome to the November 2024 summary of news you can use as your bank or other financial institution attempts to stay up to date on the world of BSA/AML compliance. Our monthly series of curated news about FinCrime regulatory developments, resources and stories.
In this edition, four main stories emerge:
- The FATF fails to add Russia to its “black list”
- Singapore Publishes National AML Strategy
- FinCEN makes first ever resolution with California’s Bureau of Gambling Control
- FATF releases updated country ratings for effectiveness and technical compliance
And people
The FATF fails to add Russia to its “black list”
At its October 22, 2024 meeting in Paris, the Financial Action Task Force (FATF) decided against adding Russia to its list of “blacklisted” countries which FATF classifies as those with serious strategic deficiencies to counter money laundering, terrorist financing, and financing of proliferation.
Despite publicly condemning Russian aggression in 2022, suspending Russia’s FATF membership in 2023, and calling Russia’s actions unacceptable and contrary to the FATF’s core principles, the body decided to not blacklist Russia during the Paris meeting.
To blacklist a country, FATF member nations must unanimously agree to do so. Consensus could not be reached, marking the third time in 2024 that the FATF has declined to blacklist Russia, even though partners to Russia, including Iran and North Korea, are on the black list.
Read the story here:
Russia not added to FATF’s “blacklist” again – sources
Singapore Publishes National AML Strategy
On October 30, 2024, Singapore’s Ministry of Finance (MOF) published its National Anti-Money Laundering (AML) Strategy as part of the city-state’s continuing efforts to maintain the effectiveness of its AML framework. The National AML Strategy outlines Singapore’s strategic approach to address money laundering (ML) risks and guides their actions to combat ML amidst rapidly changing risks and criminal typologies.
The National AML Strategy has three key pillars:
- Prevent – to deter proceeds of crime from entering Singapore’s system and prevent the misuse of Singapore’s system by criminals,
- Detect – to identify illicit flows and activities and ensure timely and effective mitigation, disruption and enforcement actions, and
- Enforce – to take firm and dissuasive actions against persons who abuse Singapore’s system for ML.
“As a trusted international financial centre and business hub, Singapore takes a firm stance against ML while remaining welcoming towards legitimate businesses and investments,” stated the MOF announcement.
Refer to the following URL to download the full AML Strategy: https://www.mas.gov.sg/-/media/mas-media-library/publications/monographs-or-information-paper/amld/2024/singapore-national-aml-strategy.pdf
FinCEN makes first ever resolution with California’s Bureau of Gambling Control
Collaborating with the California Department of Justice – Bureau of Gambling Control (CA-BGC), The Financial Crimes Enforcement Network (FinCEN) assessed a $900,000 civil money penalty against Lake Elsinore Hotel and Casino (Lake Elsinore) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations.
“Lake Elsinore operated for years without the most basic AML controls, putting its customers and the U.S. financial system at risk and denying law enforcement information on suspicious activity,” said FinCEN’s Director Andrea Gacki. “This action should serve as a reminder that all financial institutions—regardless of their type or size—must comply with their obligations under the BSA and FinCEN’s regulations.”
FinCEN specifically expressed its appreciation for “the close partnership with its partners from the state of California on this matter.”
Read the complete FinCEN announcement here:
FATF releases updated country ratings for effectiveness and technical compliance
The Financial Action Task Force (FATF) brings together a global network of 205 jurisdictions that have each committed, at the highest political level, to implementing the FATF Recommendations. FATF and FATF-Styled Regional Bodies (FSRBs) conduct peer reviews on an ongoing basis to assess how effectively their respective members’ AML/CFT measures work in practice and how well they have implemented the technical requirements of FATF.
On October 30, 2024, FATF released an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance. The full spreadsheet of ratings can be downloaded from here. The ratings should be read in conjunction with the detailed Mutual Evaluation Reports.
Refer to the complementary reports at the following links:
Consolidated assessment ratings of 205 nations as of October 30, 2024
Mutual Evaluations and follow-up reports
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