Please check below for press releases, updates and other information from regulatory authorities, analyses and comments from relevant information providers and more.
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The pandemic has highlighted the need for remote customer onboarding. The EBA has developed some helpful guidelines for onboarding customers safely and in line with AML/CFT obligations.Coverage of this article:
What Are The EBA Guidelines?
The Legal Basis for the Development of the EBA Guidelines
What Are The EBA Guidelines for Remote Onboarding?
How Technology Can Assist Financial Institutions With the Implementation of EBA Guidelines
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Firms around the world have been using AI for several purposes, including AML compliance. Here are a few guidelines for using AI in AML, per the Wolfsberg Group.Artificial Intelligence is being used to automate tasks in manufacturing, transportation and data analysis, processing vast quantities of data at rapid speeds with the click of a button. As AI becomes more affordable and accessible, many firms are starting to use AI to improve productivity and simplify basic business processes. AI has evolved and become accepted by mainstream organisations to such a degree that leading financial institutions like banks and fintech businesses are starting to use AI in developing and implementing their anti-money laundering processes. This does not mean that using AI in AML is without risk, however. The Wolfsberg Group, a global association of leading banks, has developed a set of guidelines to help financial institutions use AI in their anti-money laundering frameworks in an effective and responsible manner.Coverage of this article:
What Are Some of the Concerns About Using AI for AML?
On Wednesday 11 January 2023, the European Commission's Delegated Regulation (EU) 2023/66 of 21 October 2022, updating the list of dual-use items contained in Annex I to Regulation (EU) 2021/821 (the “EU Dual Use Regulation”), was published in the Official Journal of the EU. With its publication, the updated list comes into force as of 12 January 2023.Outline:
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The European Court of Justice invalidated the provision of the Anti-Money Laundering Directive that requires EU Member States to grant public access to UBO registers in late November 2022. This was due to data protection issues, as the ruling state believes the wide access provided violates GDPR. Several EU countries provisionally restricted access to the registers, including Luxembourg and the Netherlands.Coverage of this article:
In November 2021, the US Treasury announced a new set of sanctions against criminal ransomware actors, including Chatex, a virtual currency exchange, and three supporters. This is a clear indication that the Treasury will use all of the tools at its disposal to identify and act against any party involved with or supporting those facilitating ransomware payments. The announcement included an update to FinCEN's (The Financial Crimes Enforcement Network) 2020 Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments to include red flags related to ransomware.Coverage of this article:
Please note that a listed party can be subject to different sanctions programs/regimes on a consolidated list.See GCRD methodology for sources and details.Last updated: 2023-01-02 19:16:09
Second Sanctions Enforcement Act: draft law increases pressure on companies(Newsletter from 15.11.2022)On Friday, 11 November 2022, the Bundestag factions of the traffic light coalition introduced a draft for a so-called second Sanctions Enforcement Act (Sanktionsdurchsetzungsgesetz II; SDG II) into the Bundestag. The new regulations are to supplement the Sanctions Enforcement Act I (SDG I) already passed by the Bundestag in May 2022. If the legislative process proceeds swiftly, the legislative package could still enter into force this year. For companies, the new Act primarily means that public pressure to comply with sanctions is increasing further. Sanctions and business partner screenings therefore remain indispensable tools for avoiding legal violations and official investigations.
What we covered in this edition: The EU made history by publishing a legally binding new EU Single Window for Customs for all 27 EU Member States to be rolled in the next 36 months. We dedicate a free-for-all webinar on 5 January 2023 to it, and I encourage you to register at www.customsmanager.org. The EU went further and published a comprehensive range of VAT proposals, which will introduce mandatory EU cross-border e-invoicing-based real-time digital reporting. The EU was not done – not by a longshot: Russia is facing the ninth round of sanctions (see details in the update), and there are majority developments as regards the EU’s Green Deal: The EU adopted circular battery law that will impact all companies importing, exporting, producing or using batteries. Still more, they published a new rule to fight global deforestation, which will forbid imports of commodities from countries which deforest uncontrolled. They also renewed the trade deal with Chile! My head is already spinning!
The UK was equally busy publishing their 2023 Tariff, autonomous suspensions, and the list of uses to which goods can be declared to benefit from free duty. In addition, the DIT is asking for input on the benefits of the UK-South Korea FTA. To get updated on the latest UK Customs developments, join our 2023 UK Customs Update on International Customs Day 2023, 26 January 2023. This is a 4 hours of training (a fee is payable), and you can register at www.customsmanager.org
The US has decided to extend the time for comments on their advanced computing & semiconductor manufacturing equipment rule.” On the other hand, the authorities have been busy issuing sanctions on Evasion Network on Force Oil Sales, on companies associated with Illegal, unreported, unregulated fishing and designated 40 Corruption and Human Rights Abusers in Nine Countries in the context of the International Day of Human Rights on 10 December 2022.
60 page document
The Role of Regulatory Bodies in AML ComplianceRegulatory bodies play a critical role in establishing standards and guidance for Anti-Money Laundering (AML) compliance.
These organizations help to protect the financial system from illicit use and promote national security by issuing guidance and best practices, providing tools and resources, and enforcing the law.
In this article, we will look at two of the most well-known regulatory bodies in this area:
FinCEN (the Financial Crimes Enforcement Network) and the Financial Action Task Force (FATF).
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The Role of Data Quality and Governance in Successful AML Compliance ProgramsIn the financial industry, ensuring the quality and integrity of data is essential for successful AML (anti-money laundering) compliance programs. Effective data quality and governance practices can help financial institutions identify and prevent money laundering, terrorist financing, and other financial crimes. Poor data quality can lead to missed red flags and false positives or negatives, while effective data governance can help financial institutions improve the accuracy and reliability of their AML compliance programs. By investing in data quality and governance, financial institutions can protect themselves and their customers from the risks of money laundering and other financial crimes.
The importance of high-quality data in AML compliance
The role of data governance in ensuring data quality
The benefits of investing in data quality and governance in AML compliance
This edition covered: As the international community gathers in Uruguay to prohibit plastic by 2040, governments have been eager to show their commitment.
The EU announced a circular economy, and the UK released a statement. No actions, decisions, or efforts: Last week, the EU held its inaugural tax symposium and presented an important vision for EU taxation that customs and international trade specialists should consider. The EU also criminalised sanction evasion, strengthened cybersecurity, and required EU and non-EU corporations to take climate and human rights due diligence procedures. They also changed the UCC! The latest NTB analysis demonstrates that Brexit is expensive and the UK-Japan free trade agreement falls short. NCTS and CDS remain offline, generating trade friction. The 2018 UK Taxation (Cross Border) Act adds CDS legal notices and Russia sanctions. Modernized U.S. Customs Broker Regulations are being prepared for. The update contains instructions. The Huawei-ZTE ban is huge.
52 page document
List updates available for selected sanctions lists/programmes involving
US OFAC SDN Lists (through US CSL List),
EU Consolidated Sanction List,
United Nations Sanctions and
United Kingdom HMT Sanction Lists.
Breakdown by sanction programme/regime where possible. Further lists to be added in the future.
Please note that for the analyzed US lists, the aggregated CSL list from the US Department of Commerce was considered, which includes OFAC lists, but has a different structure.
Key information on additional lists available.
Updates:
On a regular basis for defined lists. Date/time reflects the date of data retrieval from the website of the respective regulator, unless otherwise noted.
Please note that there may be time lags between OFAC published data and their availability in the CSL List of the U.S. Department of Commerce International | Trade Administration (ITA).
Higher update frequency on request.
Methodology:
Meta data analysis for additions, changes and removals of entries conducted with GCRD methodology (delta comparison), based on sources as indicated above.
Please keep in mind, that a listed party can be subject to different sanctions programs/regimes on a consolidated list. Changes in the sanctions program affiliations of a listed party may be counted as 'change' (and not as additions to or removals from a certain program/regime), unless otherwise noted.
Figures:
Primary name of listed party and additional names/identities (Alias/AKA), which also includes spelling variations. Analysis subject to list structure/availability. In the case of the EU List, the total number of names was considered, minus the number of unique identities in order to calculate AKA figures and comparable results.
Types:
Classification according to the respective sanction list. Please note that several lists categorize by 'entities' and 'persons' only (such as EU list). Vessels for example are not explicitly mentioned in these lists, however single vessels were included in the number of entities in the past.
Countries:
Country affiliations of the listed parties by address, carrier flag, citizenship or other data, based on analyzed information from the respective sanction list.
List action explained:
Added
New entry was added to the respective list.
Changed [ I ]
Entry has changed. Meta information on changed datafields in most cases available.
Changed [ II ]
Entry has changed in frequently changing data fields or has formatting changes.
Please note that field content may be inconsistent in terms of format across list versions, resulting in a high number of hits.
Please check possible relevance for your purpose in each case.
Changes may incude for example:
UK HMT Sanction Lists: Leading zeros or leading/trailing blanks in data fields such as 'ni_number', 'passport_details' or 'addresses'.
UN Sanction Lists: Leading zeros or leading/trailing blanks in data fields.
US Sanction Lists: Data field 'Source List Url' (through US CSL List).
EU Sanction Lists: Data field 'pdf_link'.
In addition, these changes may include spelling variations regarding small and capital letters or special characters.
Removed
Entry was removed from a respective list. Date reflects earliest available date/time where entry was not identified anymore.
Table "Sanctions Profiles":Columns explained
Sanction List
Releasing authority and name of sanctions program/regime.
Entries
"Primary names" and "Alias/AKA" entries for a respective party, which includes additional names, alias identities / AKAs or name variations/spelling variations.
Country affiliations
Country affiliations of listed parties were mapped from the relevant data fields in the respective lists such as by address, nationality/citizenship or other data and processed with gcrd methodology/algorythms. Click on the respective sanctions program and find more details about country affiliations.
Data formats
Click on document icon to open the consolidated list version in .pdf format.
Online Search
Click on magnifier icon to search directly on the website of the respective authority
As of / changes
Shows date of last check for updates and the date of last identified change.
More Info
Click on "i" icon to open detailed profile of the respective sanctions programme with additional information.
Please note that all figures are preliminary only and work in progress. Methodology is under development and subject to changes. See disclaimer ans FAQ for further information.
