Top stories this week:
FinCEN and Federal Reserve Withdraw Cross-Border Transfer Proposal | 349 Arrests in UK Crackdown on High Street Money Laundering
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, FinCEN withdraws a cross-border transfer proposal, while the NCA conducts a crackdown on UK high street money laundering.
In the fast-paced world of sanctions, the EU announces a task force on crypto-related evasion, and the OFAC targets 41 entities and 4 individuals linked to a transnational criminal organisation.
In the corruption space, a Mexican judge is arrested for allegedly accepting bribes.
We round off this week’s roundup with an interview in which KYC360 Managing Director Tom Devlin discusses the move towards more dynamic financial crime compliance.
KYC & AML
FinCEN and Federal Reserve Withdraw Cross-Border Transfer Proposal
FinCEN and the Federal Reserve Board have withdrawn a proposal that would have lowered the cross-border transfer threshold from $3,000 to $250 and clarified the application of recordkeeping and travel rules to transactions involving convertible virtual currencies and certain digital assets.
349 Arrests in UK Crackdown on High Street Money Laundering
The NCA and National Police Chiefs’ Council coordinated a UK wide crackdown targeting money laundering and criminal use of cash-intensive high-street businesses. The NCA reported 3,029 premises visited or raided, 349 arrests, £2.2m in cash seized and £3.7m in account-freezing orders.
Isle of Man Updates Gambling AML Guidance
The Gambling Supervision Commission has updated AML/CFT guidance for gambling operators to reflect the island’s 2025/2026 national risk assessments. It clarifies the risk-based approach to areas including B2B relationships, group structures, customer due diligence and beneficial ownership; the underlying Code requirements remain unchanged.
Nordea Fined DKK155m Over Historic AML Controls
Copenhagen City Court fined Nordea DKK155m (about £17.3m) in a case concerning the adequacy of its AML processes and controls from 2012 to 2015. Nordea says it was acquitted on five of seven counts and was not charged with money laundering or assisting in money laundering. The bank said it would review the verdict before deciding whether to appeal.
Sanctions
EU Announces Task Force on Crypto-Related Sanctions Evasion
The European Commission has announced an EU Crypto Sanctions Task Force to strengthen the detection and enforcement of measures against attempts to evade EU financial sanctions through crypto assets.
OFAC Targets 41 Entities and 4 Individuals Linked to Prince Group
OFAC has designated 4 individuals and 41 entities that the US Treasury says support the business network of the previously sanctioned Prince Group transnational criminal organisation. The network is linked to cyber-enabled fraud, money laundering and human trafficking.
Corruption
Mexican Judge Arrested in Case Alleging $2m Bribe
A Mexican judge was arrested in Colombia on a nine-count US indictment alleging he accepted a $2m bribe in exchange for ordering the release of a Canadian drug-trafficking suspect. The indictment charges him with being an accessory after the fact and links alleged judicial corruption to an international drug-trafficking case. The allegations are not a finding of guilt.
KYC360/Experian News
Video: Rethinking Financial Crime Compliance
Hear from Tom Devlin on why fixed review cycles can struggle to keep pace as risks change, and how technology can support a more dynamic approach to risk management. He also discusses why successful transformation depends on clear objectives and effective processes.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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