Top stories this week:
Fraudster Jailed in UK Over £5.5Bn Bitcoin Scam | UK Police Arrest Nearly 1,000 in High Street Crime Crackdown
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, a fraudster is jailed in the UK over a £5.5bn Bitcoin scam, and UK police arrest nearly 1,000 individuals in a high street crime crackdown.
In the fast-paced world of sanctions, the U.S. targets Southeast Asian scam groups.
In the corruption space, senior Ukrainian officials have been dismissed amid a corruption investigation.
We round off this week’s roundup with the key takeaways for law firms following the UK government’s recent proposal to make the FCA the sole AML supervisor for the legal sector.
KYC & AML
Fraudster jailed in UK over £5.5bn Bitcoin scam
Qian Zhimin, a Chinese national, has been jailed in the UK for 11 years and 8 months for money laundering offences and defrauding victims of £5.5bn in Bitcoin. UK police had earlier seized 61,000 Bitcoin linked to her investment scams.
UK police arrest nearly 1,000 in high street crime crackdown
UK authorities have arrested almost 1,000 people after nationwide raids on “cash-heavy” premises such as barbers, vape shops, and takeaways suspected of money laundering and other organised crime.
One in five UK adults hit by scams as £9.4bn stolen in a year
A report from Global Anti-Scam Alliance (GASA) has found that one in five UK adults lost money to fraud in the past 12 months, with total losses estimated at £9.4bn.
Sanctions
U.S. targets Southeast Asian scam groups
U.S. authorities have launched a “Scam Center Strike Force” to tackle large-scale crypto investment fraud run from compounds in Southeast Asia.
Corruption
Senior Ukrainian officials resign amid corruption investigation
Several senior Ukrainian officials are under investigation over involvement in an alleged $100 million corruption scheme involving inflated contracts and kickback payments in the energy sector. Several high-level figures have been dismissed or suspended, including the ministers of energy and justice.
KYC360 News
Article: FCA to Become Single AML Supervisor for Legal SectorThe UK Government has confirmed plans for the FCA to become the single AML supervisor for law firms, replacing the current multi-supervisor model. Our latest article outlines:
- What has been confirmed so far
- Reaction from the legal sector
- Practical considerations for firms
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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