AML Weekly Insights and Recap | Week 9th - 13th September 2024

Anna Stylianou

Sep 13, 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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AML/CFT Reforms in Australia Update: On 11 September 2024, the Australian Attorney-General introduced the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 to Parliament. This Bill seeks to address regulatory gaps, streamline, and modernize Australia's existing AML/CTF framework, aligning it more closely with the international standards set by the Financial Action Task Force (FATF). The reforms will bring "tranche two" sectors—such as legal professionals, accountants, real estate agents, and precious metals dealers—under the AML/CTF regime for the first time.
The European Parliament issued a briefing which provides a comprehensive analysis of Citizenship by Investment (CBI) and Residence by Investment (RBI) schemes within the European Union (EU). These programs allow individuals from non-EU countries to obtain residence or citizenship in exchange for financial contributions, often referred to as "golden passports" and "golden visas." The briefing explores the growing concerns these schemes raise, such as risks to security, financial integrity, and the erosion of core EU principles. It also outlines the actions taken by the European Parliament and the European Commission to address these issues, including legislative proposals and legal challenges.
The US banking regulator found the AML/CFT safeguards of Wells Fargo too lax. “The regulator said the lender's controls were deficient in identifying and preventing money laundering and sanctions evasion including measures to learn about customers and flag potentially suspicious transactions.” The bank will need to obtain permission before expanding into certain medium or high risk areas.