Top stories this week:
FinCEN Fines Canaccord Genuity $80M for AML Failings | Global Illicit Financial Activity Surged to $4.4 Trillion in 2025
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, FinCEN has fined Canaccord Genuity $80m for AML failings, while a new report finds that global illicit financial activity surged to $4.4 trillion in 2025.
In the fast-paced world of sanctions, the US has imposed sanctions against North Korea IT worker fraud facilitators.
In the corruption space, Istanbul mayor Ekrem Imamoglu faces corruption charges.
We round off this week’s roundup with the opportunity to register for our latest webinar, "Balancing Sanctions Volatility and Screening Efficiency in 2026.”
KYC & AML
FinCEN fines Canaccord Genuity $80m for AML failings
FinCEN has imposed an $80 million civil penalty against Canaccord Genuity LLC for Bank Secrecy Act (BSA) violations, the largest ever imposed against a broker-dealer, for failures to maintain an adequate AML programme, conduct required customer due diligence, and file at least 160 suspicious activity reports (SARs).
UK fraud cases hit record in 2025
Fraud prevention service, Cifas, revealed that more than 444,000 fraud cases were recorded in the National Fraud Database in 2025, the highest ever in a single year and a 6% increase on 2024. To tackle rising fraud, the UK government has published a new fraud strategy, launching an Online Crime Centre backed by over £30 million in funding to bring together police, intelligence agencies, banks, mobile networks and tech firms to disrupt criminal networks.
Global illicit financial activity surged to $4.4 trillion in 2025
Nasdaq Verafin’s 2026 report puts global illicit financial activity at $4.4 trillion in 2025, up $1.3 trillion in two years, fuelled by drug trafficking, human trafficking, terrorist financing, and AI-enabled fraud.
FATF warns of money laundering risks posed by offshore crypto firms
A new Financial Action Task Force (FATF) report warns that criminals are exploiting regulatory gaps in offshore virtual asset providers (oVASPs).
Singapore seizes S$160 million in Capital Asia Investments money laundering investigation
Singapore authorities have arrested two directors of Capital Asia Investments and seized more than S$160 million from the firm’s bank and securities accounts following a joint enforcement operation with the Monetary Authority of Singapore, which identified serious alleged AML failings.
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Sanctions
US sanctions North Korea IT worker fraud facilitators
The US Treasury has imposed sanctions against six individuals and two entities for supporting DPRK government-orchestrated IT worker schemes that defraud US businesses and generate revenue for the regime’s weapons programmes.
Corruption
Corruption trial begins for Istanbul mayor
Istanbul Mayor Ekrem Imamoglu went on trial on 9 March 2026 alongside more than 400 co-defendants on charges including establishing a criminal organisation, bid-rigging, and bribery. Critics describe the prosecution as politically motivated.
KYC360 News
Webinar: Balancing Sanctions Volatility and Screening Efficiency in 2026
Secondary sanctions exposure remains widely misunderstood, particularly where indirect ownership and control risks intersect. At the same time, screening teams are under pressure to manage rising alert volumes, reduce false positives and demonstrate a defensible framework to regulators. This session outlines practical steps to strengthen sanctions screening, manage secondary exposure and maintain operational efficiency in a volatile environment.
- Date: 26th March 2026
-Time: 3:00pm - 4:00pm (GMT/UK Time)
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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