Top stories this week:
Ireland Launches First National AML Strategy | FinCEN Ends Beneficial Ownership Reporting for US Companies and Individuals
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, Ireland has launched its first national AML strategy, while FinCEN has finalised the removal of beneficial ownership reporting requirements for US companies and individuals.
In the fast-paced world of sanctions, OFAC has reached a $60,764 settlement with a US weighing-equipment manufacturer over apparent violations of sanctions on Iran.
In the corruption space, a Lebanese judge has indicted former central bank governor Riad Salameh and former Bank Audi head Samir Hanna over alleged financial crimes.
We round off this week’s roundup with the KYC/AML Outlook for H2 2026
KYC & AML
Ireland Launches First National Strategy to Strengthen AML Framework
Ireland has launched its first National Anti-Money Laundering, Countering the Financing of Terrorism and Countering Proliferation Financing Strategy. The framework covers stronger supervision, implementation of the EU’s new AML rules, tighter controls around crypto-assets, increased transparency around company ownership and stronger intelligence-sharing between government bodies, law enforcement, regulators and financial institutions.
FinCEN Ends Beneficial Ownership Reporting for US Companies and Individuals
FinCEN has issued a final rule permanently removing Corporate Transparency Act beneficial ownership reporting requirements for US companies and US persons. The agency will also delete previously reported information concerning US persons who are now exempt, while foreign entities that remain reporting companies must continue to report beneficial ownership information for foreign individuals.
Companies House Sets Fit-and-Proper Criteria for Corporate Service Providers
Companies House has published the criteria it will use to assess whether applicants and existing Authorised Corporate Service Providers are fit and proper to perform their functions. The registrar may consider factors including AML supervision, criminal and regulatory history, honesty and integrity, as well as how an ACSP carries out identity verification, reverification and filing activity. Applications can be refused, while existing ACSP status can be suspended or ended where the required standard is not met.
Australia Steps Up AML Scrutiny of Crypto ATMs
Australia’s Parliamentary Joint Committee on Intelligence and Security has called for urgent action on cryptocurrency ATMs as part of its review of the AML/CTF Amendment Bill 2026, which would create a mechanism to restrict or prohibit high-risk products, services or channels. Separately, AUSTRAC has suspended Cryptolink’s Virtual Asset Service Provider registration for three months, preventing it from operating 96 crypto ATMs after the regulator cited continuing AML/CTF compliance concerns, including threshold transaction reporting failures and a failure to respond to an information request.
Former US Bank Manager Jailed for Laundering Medicare Fraud Proceeds
A former Brooklyn bank relationship manager has been sentenced to 18 months in prison for conspiring to launder more than $8 million in healthcare fraud proceeds on behalf of a foreign-based transnational criminal organisation. The US Department of Justice said Renat Abramov opened bank accounts for nominee owners of medical equipment companies, which were used to receive fraud proceeds before funds were transferred to offshore accounts.
Sanctions
OFAC Reaches $60,764 Settlement Over Apparent Iran Sanctions Breaches
Rice Lake Weighing Systems has agreed to pay $60,764 to settle potential civil liability for eight apparent violations of US sanctions on Iran. OFAC said the company’s Italian subsidiary exported weighing equipment through a distributor in the UAE while knowing that the goods were ultimately destined for Iran. The agency determined that the apparent violations were voluntarily self-disclosed and non-egregious.
Corruption
Lebanon Indicts Former Central Bank Governor and Bank Audi Ex-Chief
A Lebanese judge has indicted former central bank governor Riad Salameh and former Bank Audi head Samir Hanna over alleged financial crimes including embezzlement and illicit enrichment. Reuters reported that the case includes allegations that tens of millions were taken from the central bank and that Hanna bribed Salameh while he was governor. Salameh has denied wrongdoing, while Hanna had not responded to Reuters at the time of publication.
KYC360/Experian News
KYC/AML Outlook: Key Priorities for Compliance Teams
Compliance teams are under increasing pressure to show that their controls are effective in practice, not just written into policy. The KYC/AML Outlook examines the key developments that teams should be focusing on through the rest of 2026.
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