AML Weekly Insights and Recap | Week 2nd - 6th September 2024

Sep 06, 2024

Hello everyone!

We've been keeping a close eye on the Anti-Money Laundering (AML) world, and there's been a lot happening this week!

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The European Parliamentary Research Service has issued a “briefing” document “Understanding the EU’s response to money laundering” which outlines the European Union's comprehensive approach to combatting money laundering and terrorist financing. It discusses how criminals use increasingly sophisticated methods, including digital and crypto-assets, to launder money. The document highlights international cooperation, key strategies like the Financial Action Task Force (FATF) standards, and the new EU anti-money laundering (AML) package.
The UAE has approved the new National Strategy for Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Proliferation Financing (CPF) for 2024-2027. The strategy aims to strengthen defenses against financial crimes with key focus areas such as improving risk-based compliance, modernizing legal frameworks for virtual assets, and enhancing national and international cooperation. It follows the UAE’s removal from the FATF grey list, reinforcing its commitment to international standards.
The Hong Kong Monetary Authority (HKMA) took disciplinary action against WeChat Pay Hong Kong Limited for violations of the Payment Systems and Stored Value Facilities Ordinance. The company failed to establish “adequate and appropriate systems of controls” between 2016 and 2021, to comply with AML/CFT obligations for Stored Value Facility (SVF) Licensees. A fine of HK$875,000 was imposed.