Money laundering and terrorist financing

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Anti-Money Laundering and Countering the Financing of Terrorism Risk Factor Guidelines

EBA, EIOPA and ESMA guidelines on risk factors that firms should consider when implementing a risk-based approach to AML/CFT compliance

European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority guidelines on implementing a risk-based approach to adherence to the EU directive on the Financial Action Task Force (FATF) international standard. Provides guidance on risk factors firms should consider when assessing money laundering and terrorist financing risk associated with a business relationship or occasional transaction, and how firms can adjust the extent of their customer due diligence measures in a manner commensurate to money laundering and terrorist financing risks. Provides guidance to supervisory authorities in assessing the adequacy of firms’ application of simplified and enhanced customer due diligence measures.

Publisher: Regional Standard-Setting Bodies Release date: Nov 2016

Type: Guideline

Peer: Guidelines on the Money Laundering and Terrorist Financing Risk

Topics: Money laundering and terrorist financing

Sectors: Banking, Insurance, Pensions, Securities

De-risking and Financial Inclusion

HKMA guideline for implementing risk-based AML/CFT controls

Hong Kong Monetary Authority guideline sets out expectation that banks adopt a risk-based approach (RBA) and refrain from adopting practices that would result in financial exclusion, particularly in respect of need for bona fide businesses to have access to basic banking services. Sets out guiding principles for an effective RBA in implementing anti-money laundering and counter-terrorist financing (AML/CFT) controls. Banks are expected to treat customers fairly in terms of transparency, reasonableness and efficiency.

Publisher: National Regulators Release date: Sep 2016 Country: Hong Kong, China

Type: Guideline

Peer: Enhanced Competency Framework on Anti-Money Laundering and Counter-Terrorist Financing

Topics: Money laundering and terrorist financing, Consumer education and protection, Financial inclusion, Transparency and disclosure

Sectors: Banking

Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism

IMF discussion of money laundering and terrorist financing risks associated with Islamic finance

International Monetary Fund working paper discusses potential money laundering and terrorist financing risks associated with Islamic finance and potential applicability of international standards. Discusses differences between conventional and Islamic finance and potential implications for AML/CFT regimes. Paper: i) reviews key characteristics of Islamic financial institutions and products; ii) discusses how Financial Action Task Force's FATF3 standard addresses money laundering and terrorist financing; iii) looks at money laundering and terrorist financing risks specific to Islamic finance; iv) considers how FATF standards apply to Islamic finance; and v) provides policy recommendations.

Publisher: International Organizations Release date: Feb 2016

Type: Consultative, discussion and issues paper

Topics: Islamic finance, Money laundering and terrorist financing

Sectors: Banking

Supervision of Money Laundering and Terrorist Financing

TC note on AML/CFT supervision

Toronto Centre note discusses: i) objectives of supervision of anti-money laundering/combatting financing of terrorism (AML/CFT) obligations; ii) financial institutions' obligations; iii) risk-based approach to supervision; iv) use of supervisory tools; v) enforcement; and vi) implementation of sanction regimes for terrorist financing.

Publisher: Toronto Centre Release date: Feb 2016

Type: TC Notes

Topics: Money laundering and terrorist financing, Risk-based supervision

Sectors: Banking, Insurance, Securities

Risk-Based Approach for Money or Value Transfer Services

FATF guidance to assist countries to apply risk-based approach to money service businesses

Financial Action Task Force guidance to assist countries and their supervisory authorities to apply risk-based approach associated to money or value transfer services (MVTS). Risk-based approach requires that measures to combat money laundering and terrorist financing are commensurate with risks. Overall risks and threats are influence by extent and quality of regulatory and supervisory framework as well as implementation of risk-based controls and mitigating measures by each MVTS provider.

Publisher: Global Standard-Setting Bodies Release date: Feb 2016

Type: Guideline

Peer: Risk-Based Approach for the Banking Sector

Topics: Financial inclusion, Money laundering and terrorist financing, Risk-based supervision

Sectors: Banking

Guidance on Anti-Money Laundering and Countering the Financing of Terrorism Controls in Trade Finance and Correspondent Banking

MAS guideline to assist banks with benchmarking and identification of AML-CFT control gaps

Monetary Authority of Singapore sound practice provides banks with guidance on anti-money laundering/countering the financing of terrorism (AML/CFT) controls in trade finance and correspondent banking activities, assist them in their benchmarking against industry norms and in implementation of sound risk management practices and identification of control gaps. Observations were drawn from MAS's on-site inspections and off-site reviews.

Publisher: National Regulators Release date: Oct 2015 Country: Singapore

Type: Sound Practice

Peer: Direct Life Insurers: Guidance on AML/CFT Controls

Topics: Money laundering and terrorist financing, Risk management

Sectors: Banking

Proposed Amendments to MAS Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Holders of Stored Value Facilities

MAS consultation on evolving SVF landscape

Monetary Authority of Singapore proposed amendments address evolving stored value facilities (SVF) landscape and enhance MAS' surveillance of SVFs by requiring all holders (e.g. banks and others offering stored value products to customers) to comply with a notification regime informing MAS of their intent to offer a new SVF or make changes to the product. Also excepts certain pre-defined classes of SVFs which pose low money-laundering/terrorist financing risks from AML/CFT requirements.

Publisher: National Regulators Release date: Oct 2015 Country: Singapore

Type: Consultative, discussion and issues paper

Topics: Money laundering and terrorist financing, Risk management

Sectors: Banking, Insurance, Securities

Effective Supervision and Enforcement by AML/CFT Supervisors of the Financial Sector and Law Enforcement

FATF guidance on effective supervisory systems for anti-money laundering and countering financing of terrorism compliance

Financial Action Task Force guidance describes attributes of effective supervision by regulators and supervisors. Clarifies interplay with role of law enforcement agencies. Practices described are intended as examples of measures and means that relevant supervisors may use to meet requirements of FATF Recommendations.

Publisher: Global Standard-Setting Bodies Release date: Oct 2015

Type: Guideline

Peer: Correspondent Banking Services

Topics: Risk-based supervision, Money laundering and terrorist financing, Supervisory framework

Sectors: Banking, Insurance

Emerging Terrorist Financing Risks

FATF report provides overview of financing mechanism and financial management practices used by terrorist and terrorist organizations

Financial Action Task Force report explores emerging terrorist financing threats and vulnerabilities posed by foreign terrorist fighters, fundraising through social media, new payment products and services, and the exploitation of natural resources. Highlights importance of genuine private/public partnerships to enhance awareness of, and responses to, emerging terrorist financing risks.

Publisher: Global Standard-Setting Bodies Release date: Oct 2015

Type: Consultative, discussion and issues paper

Topics: Money laundering and terrorist financing

Sectors: Banking, Insurance, Pensions, Securities

Supervision of Banks and Nonbanks Operating Through Agents

CGAP report on implementing an effective risk-based approach to agent supervision

Consultative Group to Assist the Poor report considers linkages among the main policy objectives of financial inclusion, stability, integrity, and consumer protection. Draws on research conducted on a sample of nine "leading" countries defined as having large, diverse agent networks that continue to grow rapidly and where business models are evolving fast. Supervisors in researched countries identified the major risks as: i) consumer protection; ii) operational; and iii) money-laundering/terrorist financing (ML/TF) risk.

Publisher: International Organizations Release date: Aug 2015

Type: Consultative, discussion and issues paper

Topics: Consumer education and protection, Operational risk, Money laundering and terrorist financing, Risk-based supervision

Sectors: Banking, Microfinance

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Resources

382 records

Anti-Money Laundering and Countering the Financing of Terrorism Risk Factor Guidelines

De-risking and Financial Inclusion

Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism

Supervision of Money Laundering and Terrorist Financing

Risk-Based Approach for Money or Value Transfer Services

Guidance on Anti-Money Laundering and Countering the Financing of Terrorism Controls in Trade Finance and Correspondent Banking

Proposed Amendments to MAS Notice on Prevention of Money Laundering and Countering the Financing of Terrorism – Holders of Stored Value Facilities

Effective Supervision and Enforcement by AML/CFT Supervisors of the Financial Sector and Law Enforcement

Emerging Terrorist Financing Risks

Supervision of Banks and Nonbanks Operating Through Agents

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