Day: October 28, 2019

On 28^th October, HM Treasury issued a Notice saying that, following a review, OFSI had imposed a penalty of £146,341 on Telia Carrier Ltd for breaches of the Syria sanctions regulations, this being in replacement for a penalty of £300,000 imposed in July.  Telia was found to have facilitated international telephone calls to SyriaTel.  It had exercised the option of asking for a ministerial review, the result of which was a reduced penalty.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/842548/Telia_monetary_penalty.pdf

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On 28^th October, KYC 360 reported that the National Fraud Intelligence Bureau (NFIB) and one of the UK’s largest mobile phone networks have raised concerns about banks’ growing reliance on text messages when authorising large payments.  The calls follow the release of a declassified document by the FBI that warns about the risk of so-called “SIM swapping” — the process used by scammers to intercept passcodes sent by banks via a text message.

https://www.riskscreen.com/kyc360/news/fbi-turns-up-the-heat-on-banks-over-sim-scams/

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On 24^th October, DLA Piper published an article saying that in July Canada’s Department of Finance published amendments to all 5 sets AML regulations.  The article explains when the changes take effect – a timeline that stretches from 25^th June this year to 1^st June 2021.  It highlights the important changes in the new regulations – including allowing reporting entities to rely on customer ‎identification ‎information that has been ‎previously obtained by another reporting entity (subject ‎to certain requirements ‎being met); and that multiple cash ‎transactions and electronic fund transfers ‎performed by, or on behalf of, the same client within a ‎‎24-hour period to be treated as a single transaction when they ‎total $10,000 or more.  The definition of money services businesses is expanded to include ‎domestic and foreign businesses that are “dealing in ‎virtual ‎currency”.

https://www.dlapiper.com/en/canada/insights/publications/2019/10/canada-anti-money-laundering-regime-changes/

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Regulation Asia on 28^th October reported that a new Bill has been introduced into the federal parliament which would allow entities to rely on CDD procedures performed by a third party.  At the same time, another Bill that limits cash payments to A$10,000 has passed through the lower house of the parliament.  The new Bill includes proposed reforms that are said to focus on streamlining obligations, lowering the regulatory burden where possible and improving compliance with international standards.  It also explicitly prohibits reporting entities from providing a designated service if customer identification procedures cannot be performed.  It prohibits financial institutions from entering into correspondent banking relationships with financial institutions that do business with so-called “shell bank”, and requires due diligence assessments to be conducted before entering, and during, all correspondent banking relationships, and it allows reporting entities to share suspicious matter reports and related information with external auditors, and foreign members of corporate and designated business groups.

https://www.regulationasia.com/australia-introduces-bill-to-ease-cdd-compliance-burden/

An explanatory brief on the new Bill is available –

https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r6431

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On 27^th October, NHK World reported that a FATF mutual evaluation of Japan’s AML/CFT systems was to begin on 28^th October.  The assessment will also include crypto-currency exchanges.  It is said that FATF last evaluated Japan in 2008, when it highlighted insufficient customer identification measures, leading to changes in relevant regulations and systems.

https://www3.nhk.or.jp/nhkworld/en/news/20191028_03/

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The Daily Maverick on 27^th October reported that financial crime is on the rise in the country despite the amendment of laws designed to curb it.  Just under half of the companies have fallen victim to financial crime within the past year, a survey by the Financial Intelligence Centre found.  The evaluation is being conducted by representatives from FATF, IMF and the FATF-style regional body, ESAAMLG.  The last time South Africa was assessed by FATF was in 2009, and while it was not deemed “non-cooperative”, the country was found wanting on several counts and was subject to follow-up.  The article says that the current evaluation is significant because South Africa will be the first country in the world to be assessed in terms of its cryptocurrency regulatory regime.  It is reported that South Africa has about 16 crypto-currency exchanges, although the biggest 3 account for 85% of all transactions.

https://www.dailymaverick.co.za/article/2019-10-27-sas-anti-money-laundering-measures-under-global-spotlight/

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y