Financial Crime update: May 2022

This issue of the PwC Financial Crime update outlines the latest news and regulatory changes within the world of financial crime.

From a European perspective, the European Banking Authority issued a report in March on competent authorities' approaches to Anti-Money Laundering (AML) / Counterterrorist Financing (CTF) supervision of banks. They also launched their central database for AML / CTF.

In Ireland, the Central Bank published further guidance on the latest amendments to the new list of Pre-approved Controlled Function roles, including the new PCF-52—the Head of Anti-Money Laundering and Counter Terrorist Financing Compliance. They also noted in a speech in March that AML / CTF will continue to be "an area of core focus this year, and indeed for the foreseeable future".

As always, the regulatory landscape is ever-changing and adapting to new financial crime threats. Read our newsletter to understand these developments and how they might affect your organisation.