AML Conversations FATF Plenary, GAO Reports, EU & UK Russia Sanctions, and a BOI Update
Feb 26, 2025
This week, the hosts dive into the latest FATF Plenary results, highlighting concerns about anonymous shell corporations and their threats to national security. They discuss new sanctions imposed by the UK and EU on Russian interests amid ongoing diplomatic efforts. Insights from GAO reports shed light on improving accountability in tracking illicit finance. Additionally, there’s a focus on the urgent updates regarding beneficial ownership filing requirements and challenges in fraud prevention and banking regulation.
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Beneficial Ownership Filing Update
- FinCEN reinstated the beneficial ownership information filing requirement with new deadlines after appeal status changed.
- Congress members, including Maxine Waters, back the CTA's constitutionality due to security and legal risks from anonymous shell companies.
FATF Plenary Key Outcomes
- FATF plenary improved standards to support risk-based approach and financial inclusion.
- They removed the Philippines from increased monitoring but continued suspension of Russia.
FATF's Financial Inclusion Guidance
- FATF updated financial inclusion guidance focusing on risk-based methods and non-face-to-face interactions.
- They invite stakeholders to comment by April 4 to improve guidance on conflict zones and AI use in financial services.