On September 14, 2020, the Financial Action Task Force (“FATF”) — an inter-governmental anti-money laundering (“AML”) and counter-terrorist financing (“CFT”) standard-setting organization — issued a report on red flag indicators of money laundering and terrorist financing for virtual assets (the “Report”).

Based on over 100 case studies, the Report highlights potential red flag indicators of virtual assets being used for criminal activity.  The Report is the latest guidance related to FATF’s Focus on Virtual Assets and is meant to complement FATF’s June 2019 guidance on developing a risk-based approach to virtual assets and virtual asset service providers.

Continue Reading Financial Action Task Force (FATF) Issues Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing

On December 19, 2016, the Financial Stability Board (“FSB”) issued its end-of-2016 progress report regarding its action plan to assess and address the decline in correspondent banking. The report sets out a roadmap the FSB intends to follow in 2017 in response to the decline of correspondent banking, a critical part of the global payments system.  In the next year, the FSB’s action plan consists of new data analyses exploring the dimensions and implications of the issue, clarifying regulatory expectations through new guidance from the FSB’s Financial Action Task Force (“FATF”) and other standard-setting bodies, enhancing domestic risk management frameworks in jurisdictions that are home to affected respondent banks, and strengthening tools for due diligence by correspondent banks.

Continue Reading Financial Stability Board Publishes 2017 Roadmap for Correspondent Banking