Top stories this week:
UK Approves AML Reforms | EU Court Rules OFAC Listing Alone Insufficient to Deny Bank Account
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 UK has approved fresh AML reforms, while the UAE reports sharp rise in AML enforcement and asset freezes in 2025.
In the fast-paced world of sanctions, an EU court has ruled that an OFAC listing alone is insufficient to deny the opening of a bank account, and the EU has proposed its 21st package of sanctions against Russia.
In the corruption space, Spain has arrested ex CD Tudelano president Lázaro in a corruption probe, and former AC Milan sporting director Tare is being investigated by Albania for corruption and money laundering.
We round off this week’s roundup with the full replay of our latest webinar, “The Future of Customer Due Diligence.”
KYC & AML
UK approves AML reforms
The UK has approved AML reforms under the 2026 Amendment Regulations, narrowing enhanced due diligence (EDD) to FATF black-listed jurisdictions and tightening rules for crypto firms.
Joint investigation dismantles cross-border laundering network
French and Belgian authorities have dismantled a cross-border money laundering network, arresting eight suspects and seizing more than €8 million linked to drug trafficking proceeds.
FCA seeks special administration for Euro Exchange over AML concerns
The UK’s Financial Conduct Authority (FCA) has moved to place Euro Exchange Securities UK Ltd into special administration after first ordering the firm to cease all regulated payment and e-money services on 4 June 2026 over suspected financial crime risk.
UAE reports sharp rise in AML enforcement and asset freezes in 2025
The UAE reported a surge in financial crime enforcement in 2025, with money laundering cases rising 46% to 942 and the value of frozen assets tripling to AED 150 million.
Sanctions
EU court rules OFAC listing alone insufficient to deny bank account
The EU’s top court has ruled that banks cannot refuse to open a basic payment account solely because a customer is listed on a US sanctions list, saying such decisions must be based on an individual AML and terrorist financing risk assessment.
EU proposes 21st sanctions package against Russia
The EU has proposed its 21st sanctions package against Russia, targeting banks, cryptocurrency platforms and energy exports in a bid to intensify pressure over the war in Ukraine.
Corruption
Spain arrests ex CD Tudelano president in corruption probe
Spanish police have arrested seven individuals, including the former president of football club CD Tudelano, Ramón Lázaro, in an investigation into alleged match-fixing, illegal betting and money laundering.
Former AC Milan sporting director Tare investigated for corruption and money laundering
Former AC Milan sporting director Igli Tare is under investigation by Albanian prosecutors over alleged corruption and money laundering linked to a wider probe into former deputy prime minister Belinda Balluku.
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KYC360 News
Webinar Replay: The Future of Customer Due Diligence
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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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