Day: March 28, 2018

KYC 360 in December 2017 produced a short briefing on transaction laundering.

file:///C:/AML%20CFT%20etc/Transaction-laundering-for-infogs-page.pdf

On 28^th March, the Home Office published guidance that tells you about identity document validation technologies and how they can be used to support the checking of identity documents.  The guidance consists of 4 parts:

• Part 1 – General guidance on identity document validation technologies (IDVT) – an overall explanation on what IDVT do, and how they can help prevent the use of fraudulent identity documents;
• Part 2 – Choosing the right identity document validation technology – help for businesses, employers and public authorities to understand the technology and the different types of services and systems available across the market;
• Part 3 – Guidance on using identity document validation technology – good practice for users of IDVT to ensure they are used effectively; and
• Part 4 – Protecting identity document validation technology from misuse – advice to IDVT providers on how they can protect their systems from being misused.

In addition to this guidance, there is a supplementary section for public authorities that want to use identity document validation systems.

https://www.gov.uk/government/publications/identity-document-validation-technology

On 28^th March, EU Regulation 2018/512/EU amended the details of 3 persons designated under EU Sudansanctions, to bring the details into line with that published by the UN.  The 3 individuals involved were – ALNSIEM, Musa Hilal Abdalla; SHAREIF Adam; and MAYU, Jibril Abdulkarim Ibrahim.

See also EU Council Decision 2018/516/CFSP.

http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2018.084.01.0013.01.ENG&toc=OJ:L:2018:084:TOC

HM Treasury updated UK lists on 28^th March –

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/695596/Notice_Sudan_2018_512.pdf

On 27^th March, LK Shields reported that the Department of Finance in Ireland published a paper that presents the Department’s recent research into virtual currencies and the blockchain ecosystem that exists in Ireland, Europe and globally.  It provides an overview of the Irish and global virtual currency markets including a summary of the actions taken by selected countries around the world in response to virtual currency.  The paper recommends that an internal working group is established to co-ordinate the local and global approach to virtual currencies.

https://www.lkshields.ie/news-insights/publication/virtual-currencies-and-blockchain-technology-department-of-finance

On 28^th March, the BBC World Service broadcast a “Hard Talk” hard-hitting with the head of the World Trade Organisation, Roberto Azevêdo.  The WTO is supposed to oversee free and fair global trade but right now, the organisation risks looking impotent and even irrelevant.  President Trump is making good on his promises on tariffs and protectionism and the Chinese are threatening to respond in kind.  What can the WTO do to avoid a global trade war?

https://www.bbc.co.uk/programmes/w3cswjdp#play

On 28^th March, HMRC advised that webinars and online courses are available to get help with AML.  These include those targeting accountancy service providers, estate agents, high-value dealers, money service businesses and trust and company service providers.

https://www.gov.uk/guidance/help-and-support-for-anti-money-laundering

CNBC on 27^th March provided this guide to how (or if) leading countries were regulating cryptocurrencies.

https://www.cnbc.com/2018/03/27/a-complete-guide-to-cyprocurrency-regulations-around-the-world.html