The Saudi Central Bank (previously SAMA) has issued a Counter-Fraud Framework to combat financial fraud in financial institutions operating in the Kingdom. FIs must meet its regulations by June 29, 2023.
Clari5’s real-time, cross-channel financial crime management solution is built to meet the compliance mandates of central banks within the prescribed timeframes.
EBA has published a report on ML / TF risks associated with payment institutions. The EBA’s findings suggest that ML / TF risks in the payment institutions sector may not be assessed and managed effectively.
EU Parliament Committees have mandated AML / CFT package regulations which EU member states are required to implement in 2024. The EU Security Union Strategy for 2020-2025 highlights the importance of enhancing the EU’s framework for AML and CTF.
UK’s Financial Conduct Authority (FCA) has released its FCA Strategy 2022-25, containing guidelines for financial institutions for fraud and money laundering. Reduction and prevention of financial crime is one of the primary focus areas of FCA’s Business Plan for 2023-24.
