Anti-Financial Crime & Financial Crime Compliance
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NEWS: US GOA says FinCEN should improve access to beneficial ownership, cites fraud risk

Premium April 29, 2025
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ANALYSIS: FATF’s 5 new reforms – including making originator, beneficiary data more transparent in cross-border payments over $1,000.

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CONFIRMED: FATF adds British Virgin Islands, Bolivia to AML ‘grey list’

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NEWS: VAT fraud among EU crime-fighting priorities for next 4 years

By Paul O’Donoghue BENEFICIAL ownership information (BOI) is key to fighting fraud, according to the U.S. Government Accountability Office (GAO). The agency said FinCEN, the AML unit of the U.S Treasury, should help other state agencies to identify the beneficial owners behind corporate entities. A recommendation from the GAO said: “When it’s unclear who controls…

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Premium

ANALYSIS: FATF’s 5 new reforms – including making originator, beneficiary data more transparent in cross-border payments over $1,000.

 Premium

CONFIRMED: FATF adds British Virgin Islands, Bolivia to AML ‘grey list’

 Premium

NEWS: VAT fraud among EU crime-fighting priorities for next 4 years

Regulatory Watch News

  • Reports for Licensing Activities Undertaken Pursuant to the Trade Sanctions Reform and Export Enhancement Act (TSRA)

    OFAC

    The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has released Quarterly Reports of Licensing Activities pursuant to Section 906(b) of the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA), covering activities undertaken by the Treasury Department's Office of Foreign Assets Control (OFAC) under Section 906(a)(1) of the TSRA from January through March 2025. Under the procedures established in its TSRA-related regulations, OFAC processes license applications requesting authorization to export agricultural commodities, medicine, and medical devices to Iran under the specific licensing regime set forth in Section 906 of the TSRA.

  • Toronto-Dominion Bank

    The Council on Ethics recommends that Toronto-Dominion Bank (TD) be placed under observation due to an unacceptable risk that the company is contributing to, or is itself responsible for, serious financial crime, pursuant to section 4(g) of the Guidelines for Observation and Exclusion of Companies from the Government Pension Fund Global. TD is one of the largest banks in Canada. It also has a significant presence along the USA’s eastern seaboard. The company has more than 95,000 employees worldwide. The Council’s investigations have found that TD may be linked to multiple cases of financial crime the past 10–15 years.

  • Shaping the EU Anti-Fraud landscape: OLAF’s Helsinki Conference gathers specialists from all Member States

    OLAF

    More than 100 anti-fraud experts from across the European Union met this week in Finland for the 2025 Helsinki OLAF Conference aimed at defining the next chapter in EU anti-fraud action. Organised by the European Anti-Fraud Office (OLAF) on 11-12 June, the event brought together representatives from EU Member States’ Anti-Fraud Coordination Services as well as key EU bodies involved in protecting the Union’s financial interests.

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