Top stories this week:
FCA to Begin Professional Services AML Supervision by End of 2028 | FATF Issues New Financial Crime Risk Indicators for Gaming and Gambling
Welcome to this week's edition of the KYC Roundup, your gateway to the most impactful developments in the world of Anti-Money Laundering and financial crime. In the AML arena, the FCA is to begin professional services AML supervision by the end of 2028, while the FATF issues new financial crime risk indicators for gambling and gaming.
In the fast-paced world of sanctions, the UK publishes legislation to expand sanctions against Iran, while the US applies sanctions against transnational criminal organisation Xinbi Guarantee.
In the corruption space, a Puerto Rico treasury employee pleads guilty in a tax bribery case.
We round off this week’s roundup with the opportunity to register for our latest webinar, “GFSC Fines Utmost £1.96M: What Went Wrong?”
KYC & AML
FCA to Begin Professional Services AML Supervision by End of 2028
The UK Government has said it expects the first businesses to begin AML/CTF supervision by the FCA before the end of 2028, followed by phased onboarding with the broad aim of bringing all firms in scope under FCA supervision by mid-2030. Existing supervisors will remain responsible for firms, including enforcement where necessary, until the FCA assumes its new responsibilities.
FATF Issues New Financial Crime Risk Indicators for Gaming and Gambling
FATF has published new indicators to help governments, regulators and private-sector firms identify money laundering, terrorist financing and proliferation-financing risks across gambling and gaming. Drawing on contributions from more than 80 jurisdictions, the project is FATF's first detailed examination of the risks in online and illegal gambling.
US Regulators Clarify Use of Digital Credentials for Customer Identification
FinCEN, jointly with the Federal Reserve, FDIC, NCUA and OCC, has issued two new FAQs and updated an existing FAQ covering verifiable digital credentials under the Customer Identification Program rule. The guidance clarifies that state-issued mobile driving licences and other qualifying government-issued digital credentials may be used to verify natural-person customers where banks or credit unions meet applicable CIP requirements.
Europol Backed Operation Targets International Underground Banking Network
A Spanish-led investigation supported by Europol has resulted in 21 arrests linked to an international underground banking network suspected of financing drug trafficking and laundering criminal proceeds around the world. Authorities identified, seized or froze assets worth approximately €20m as part of the investigation into financial infrastructure allegedly used by organised crime groups.
Sanctions
UK Publishes Legislation to Expand Sanctions Against Iran
The UK Government has laid legislation to expand its Iran sanctions regime through additional financial, trade and transport restrictions. The measures cover areas including energy, software, metals, gold and related shipping, insurance and banking activity, while also expanding powers to sanction ships and restricting Iranian aircraft from landing in the UK, subject to exemptions.
US Sanctions Xinbi Guarantee in Coordinated Cyber-Fraud Enforcement Action
OFAC has sanctioned scam marketplace Xinbi Guarantee as a transnational criminal organisation and designated two entities supporting its operations, while the Department of Justice took coordinated action against infrastructure and digital-asset wallets linked to the platform. More than $52m in cryptocurrency was restrained from Xinbi and its network of vendors as part of the operation.
Corruption
Puerto Rico Treasury Employee Pleads Guilty in $6.77m Tax Bribery Case
Alexander Ortiz-Robles, an employee of Puerto Rico's Department of Treasury, has pleaded guilty to participating in a bribery conspiracy that resulted in approximately $6.77m in lost Puerto Rico tax revenue. DOJ said Ortiz-Robles accepted bribe payments and other benefits in exchange for submitting false information to eliminate taxes owed by individuals and businesses.
KYC360/Experian News
Webinar: GFSC Fines Utmost £1.96M: What Went Wrong?
The Guernsey Financial Services Commission's £1.96 million enforcement action against Utmost Worldwide is one of the most significant recent AML cases involving the life insurance sector. Join Stephen Platt, Founder and Executive Advisor, KYC360 and Tom Devlin, Managing Director, KYC360, for an in-depth examination of the regulatory findings, exploring where Utmost's AML framework failed and what compliance teams can learn from the case.
Date: 23rd September 2026
Time: 3:00pm - 4:00pm (UK Time)
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Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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