AMLYZE’s Post

The #EU passed landmark reforms of the European anti-money laundering regime. The new single #AML rulebook and EU Anti-Money Laundering Authority (#AMLA) will be game-changers in Europe's fight against illicit finance. The latest #KPMG analysis sets out what you need to know. 🔹 The Single Rulebook (AML Regulation): AML rules will be tightened and harmonised across the EU. Key changes include a wider range of 'obliged entities' (required to check customer ID and report suspicious activities), tougher #duediligence requirements, and stricter rules on #outsourcing. The new rulebook will apply 🔹 AMLA: The creation of AMLA will have profound consequences for AML supervision - and not just for the 40 institutions that will AMLA will supervise directly. AMLA will create a common supervisory methodology ad toolkit for all EU AML authorities to use, harmonising supervisory practice. This will reshape AML supervision across Europe. AMLA will also set out the details of the AML rulebook in dozens of technical standards and guidelines. KPMG's new AMLA Office is a dedicated centre of expertise on AMLA and will provide regular updates and analysis on AMLA rulemaking and policy development. Find further insights from the KPMG AMLA Office here: https://lnkd.in/ep27p89c Timo Purkott Henning Dankenbring

Money laundering laws in the EU have been significantly tightened with the approval of a new comprehensive AML regulation by the European Parliament and EU Council, requiring accountants to strictly adhere to uniform standards across all member states. Read the full ACCA article from here: #MoneyLaunderingLaws #AccountingCompliance #LangbrookFinance https://buff.ly/4bOBRV2

🆕Do you understand the implications of the latest #AML regulations in Cyprus? Join the conversation and share your insights on how businesses can adapt and thrive amidst these changes. 💬 #AMLcompliance 🔑Cyprus reviews and integrates AML European Directives into its national laws, ensuring compatibility with its existing legal framework, to uphold uniform rules and practices similar to those of other #EU Member States. 🔎The CJ Solutions Regulatory Compliance experts delve in the anticipated AML regulatory updates, including the #AMLD6, and explore the relevant #CySEC #Circulars. Continue reading 👉 https://lnkd.in/eEC3rzx6 #cjsolutionsltd #simplifyingcompliance

🌐𝗖𝗼𝗺𝗽𝗿𝗲𝗵𝗲𝗻𝘀𝗶𝘃𝗲 𝗚𝘂𝗶𝗱𝗲 𝘁𝗼 𝗚𝗹𝗼𝗯𝗮𝗹 𝗔𝗻𝘁𝗶-𝗠𝗼𝗻𝗲𝘆 𝗟𝗮𝘂𝗻𝗱𝗲𝗿𝗶𝗻𝗴 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻𝘀 🌐 I'm excited to share a valuable resource for all compliance professionals! 📊🔒 I've tried to put together a comprehensive list of Regulations on Anti-Money Laundering (AML) from around the globe, covering Asia, Africa, America, Europe, and the Middle East. Money laundering poses a significant threat to the integrity of financial systems worldwide. Hope this article will help compliance professionals to have insights of AML regulatory framework across the world. #AML #AntiMoneyLaundering #Compliance #GlobalStandards #FinancialIntegrity #Regulations

Recently, the Monetary Authority of Singapore (MAS) issued an enforcement notice against a Capital Markets Services Licensee for breaching AML/CFT requirements. They also issued reprimands to the CEO and COO of the Licensee. The MAS commented that "boards and senior management of FIs are expected to put in place adequate AML/CFT controls, actively oversee the implementation of the controls, and ensure that compliance and internal audit functions are working effectively and keeping pace with the FI’s business growth”. There are over 1,000 CMS licenses issued by the MAS in Singapore. If you are a CMS licensee, how would you interpret and assess your AML/CFT controls as "keeping pace" with your growth? Would you set aside a budget and headcount as a function of the growth, or would you have less measurable but practical controls such as training for your staff and senior team members? Or do you think there should be more tangible markers provided by the regulators? Or all of the above? Let me know in the comments below. #monetaryauthorityofsingapore #regulatorycompliance #corporategovernance #management #capitalmarkets #compliance #banking #FinTech #RegTag #finance #aml #ACAMS #ICA #FATCA #MAS #CDD #EDD

In the past few years, the HKMA has stepped up regulatory enforcement action to ensure that banks comply with anti-money laundering (AML) laws. When faced with an HKMA investigation focused on AML, it is important to control the narrative and to understand the manner in which the investigation can proceed so that, where appropriate, liability can be disputed without appearing uncooperative. #TimothyLoh #AML #AMLO #Investigations #HKMA #LawFirm #HongKong https://lnkd.in/gBssSb8z

Singapore-based lawyers, Calvin Chan, Hagen Rooke, Jun Qi Chin and Evelyn Tan outline key practical consideration that financial institutions and other businesses need to be cognizant of for anti-money laundering (AML) compliance purposes in light of the current legal and regulatory landscape in Singapore in a recently published Reed Smith exclusive in-depth article. Some key takeaways include the MAS' review of financial institutions' readiness to counter the risks of illicit activity, recent legislative and regulatory reforms relating to AML, and the MAS’ supervisory and enforcement approach in this space. Read the full article below. https://lnkd.in/gaMuufTM Our Singapore-based enforcement/investigations and financial regulatory team regularly advise on a range of matters in the financial services sector, providing guidance on matters in not just Singapore but the wider Asia-Pacific region as well. We are able to assist you with: - Governance and internal processes - Licensing and perimeter guidance - Cross-border advice and surveys - Conduct of business - Engaging with regulators - Investigations and enforcement #Singapore #AML

Recent regulatory changes reflect Singapore's view on its serious commitment to combat money laundering activities, 🇸🇬 💰. In this article, Colin Jarraw and Jamie Loh explore updates to the key AML regulations in Singapore and how Know Your Customer (KYC) checks help companies and individuals. Read more here: https://lnkd.in/eiehnj24 #AntiMoneyLaundering #Regulation #Compliance Stephenson Harwood LLP; Stephenson Harwood - Wei Tu (China); and Virtus Law LLP (Stephenson Harwood (Singapore) Alliance).

Recent regulatory changes reflect Singapore's view on its serious commitment to combat money laundering activities. In this article, members of the Virtus Law LLP (Stephenson Harwood (Singapore) Alliance) banking and finance team Colin Jarraw and Jamie Loh explore updates to the key AML regulations in Singapore and how Know Your Customer (KYC) checks help companies and individuals. Read more here: https://lnkd.in/eiehnj24 #AntiMoneyLaundering #Regulation #Compliance