This new draft edition has been updated to address the evolving landscape of financial crimes including those driven by the rise of new technologies such as artificial intelligence (AI) and the
increasing use of digital currency. There has also been an increase in the use of natural resources such as gold and timber as tools for trade-based money laundering. These resources
are often exploited in illegal activities like deforestation or unregulated mining to generate illicit funds, which are subsequently laundered through legitimate markets via online platforms. Summary of updates to the draft professional standard

Expanded the glossary with key terms, including Artificial Intelligence, Nominated Reporting Officer, Suspicious Activity Report (SAR), Specially Designated National (SDN), Tipping off, Proliferation Financing, Sanctions and Trade-Based Money Laundering (TBML).
Updated to address the evolving landscape of financial crimes, driven by AI, digital currencies, and the rising risks of money laundering due to conflicts, particularly with natural resources like gold and timber in TBML.
Enhanced the bribery and corruption section with a deeper analysis of risk categorisation and the importance of periodic reviews.
Provided a comprehensive overview of customer due diligence (CDD), including simplified (SDD) and enhanced due diligence (EDD) for money laundering and terrorist financing.
Added sections in the professional standard:

Trade-Based Money Laundering (TBML): emphasizing vigilance in detecting high-value transactions.
Terrorist Financing: including references to UNSC Resolution 2195 and examining supply chains.
Electronic Verification: using technology to enhance due diligence speed, quality, and efficiency.
Due Diligence Outsourcing: highlighting the option to outsource while retaining firm responsibility. Consultation opened 25 Feb 2025 closes 22 April 2025.