Top stories this week:
FCA Identifies Shortcomings in Customer Due Diligence Practices | FinCEN Proposes AML Reforms
Welcome to this week's edition of the KYC Roundup, your gateway to the most impactful developments in the world of Anti-Money Laundering (AML) and financial crime. In the AML arena, the FCA has identified shortcomings in customer due diligence practices, while FinCEN proposes AML reforms.
In the fast-paced world of sanctions, the US and Iran are set to discuss sanctions relief in upcoming peace talks.
In the corruption space, the CAF president has rejected corruption allegations.
We round off this week’s roundup with The Definitive Guide to Customer Lifecycle Management (CLM).
KYC & AML
FCA identifies shortcomings in customer due diligence practices
A review by the UK Financial Conduct Authority (FCA) of CDD, enhanced due diligence and ongoing monitoring across a range of firms found that while many had documented procedures for verifying customer identity, few had sufficient practical guidance for staff on what to do when customers lack standard identification.
US Treasury proposes implementation of AML rules for stablecoin issuers
The US Treasury has proposed a rule to implement the GENIUS Act’s illicit finance requirements, which would treat permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act and require them to maintain both AML/CFT and sanctions compliance programmes.
FinCEN proposes AML reforms
FinCEN has proposed a rule to fundamentally reform how financial institutions design and implement AML/CFT programmes, shifting the focus from volume of filings to demonstrable effectiveness in addressing illicit finance risks.
Malta fines Stanleybet for AML failures
Malta’s Financial Intelligence Analysis Unit has fined betting company Stanleybet Malta Limited €225,730 for AML failures and imposed an additional €2,000 daily penalty until it addresses compliance gaps.
Sanctions
Sanctions relief on the table in US-Iran talks
A 2-week ceasefire between Iran and the US was announced following talks brokered by Pakistan. US President Donald Trump confirmed the US would be talking sanctions and tariff relief with Iran as part of a long-term peace deal.
Corruption
CAF president rejects corruption allegations
Confederation of African Football (CAF) president Patrice Motsepe rejected corruption accusations from the Senegalese government, challenging any party to initiate legal proceedings. The dispute follows CAF’s decision to strip Senegal of its AFCON title and award a 3-0 victory to host nation Morocco after Senegalese players walked off the pitch during the final in protest at a penalty decision.
KYC360 News
The Definitive Guide to Customer Lifecycle Management (CLM)
The typical KYC periodic review process is still manual. The same customer data gets collected repeatedly, while documents and context sit across multiple systems, forcing analysts to piece everything together by hand.
In the Definitive Guide to Customer Lifecycle Management (CLM), you can see how a CLM approach streamlines periodic reviews, reduces redundant information requests, and creates a single live source of truth for customer risk across the lifecycle.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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