Anti-Money Laundering Bulletin

In this edition, we look at the EU’s ambitious legislative package aiming to tackle money laundering and terrorist financing, including a proposal for the establishment for a pan-EU AML Authority and the introduction of the sixth AML Directive.

We also discuss the recent action taken by the UK Financial Conduct Authority to prevent AML failings in the retail banking sector, including requiring UK banks to complete a gap analysis of their AML systems and controls. In addition, we analyse the “ten-year takeaways” since the adoption of the UK Bribery Act and assess its impact on the UK’s fight against bribery and corruption.

The US AML framework has recently undergone a significant overhaul and we provide insights on key reforms. We also look at some recent developments regarding the AML frameworks of France and Ireland, including reforms affecting the digital assets space. On an international level, we look at the Financial Action Task Force’s recent report on opportunities and challenges of new technologies, such as Artificial Intelligence and machine learning, for the prevention of money laundering and terrorist financing.

We hope you find this update helpful. Your feedback is important to us, so if you have any comments or would like any further information, please contact one of the contacts listed at the end of the bulletin.