Top stories this week:
EU Sanctions Nearly 1,600 People and Entities Linked to Russia’s Military Industry | FCA and NCA Operation Leads to Three Arrests over Suspected Insider Dealing and 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, AUSTRAC clarifies when physical currency transactions trigger reports, and a joint FCA and NCA operation leads to three arrests over suspected insider dealing and money laundering.
In the fast-paced world of sanctions, the EU sanctions almost 1,600 individuals and entities linked to Russia’s military industry, while the OFAC targets Iran’s shadow fleet network.
In the corruption space, Hong Kong’s ICAC charges 6 individuals over alleged bribery and fraud.
We round off this week’s roundup with an opportunity to view the KYC360 Financial Crime Compliance platform in action.
KYC & AML
AUSTRAC Clarifies When Physical Currency Transactions Trigger Reports
AUSTRAC has updated its threshold transaction reporting guidance, adding clarification and examples of when transactions involve physical currency and trigger a report, including mixed transactions. TTRs apply to transfers of A$10,000 or more in physical currency.
FCA and NCA Operation Leads to Three Arrests over Suspected Insider Dealing and Money Laundering
The FCA and NCA arrested three people on 13 October in a joint operation concerning a suspected organised criminal group engaged in insider dealing and money laundering. More than 100 staff searched five residential premises in London and Manchester, and investigators seized more than 30 phones, laptops and tablets.
Swiss Assessment Identifies Organised Crime, Corruption and Tax Crime as Key Threats
Switzerland’s Federal Council received the country’s third national money-laundering and terrorist-financing risk report. It says overall risk exposure remains stable, with organised crime, corruption, and property and tax crime identified as the greatest threats; terrorist-financing risk remains comparatively limited. Higher-risk areas include sectors exposed to foreign markets, new technologies or recent regulation.
UK Fraud Losses Estimated to Be £220bn in 2024–25
Crowe, Cifas and the University of Portsmouth’s Centre for Cybercrime and Economic Crime estimate that fraud losses to the UK economy amounted to £220bn in 2024–25. The Annual Fraud Indicator includes detected and hidden losses and aims to highlight losses that remain under-reported or undetected.
Sanctions
EU Sanctions Nearly 1,600 People and Entities Linked to Russia’s Military Industry
The EU Council has adopted restrictive measures against 1,569 people and entities connected to Russia’s military industrial complex, including 826 companies and 743 individuals serving as their chief executives. The package targets suppliers of components for missiles, unmanned aerial vehicles and aircraft. Listed entities face asset freezes and funding restrictions, while listed individuals are also subject to EU travel bans.
OFAC Targets Iran’s Shadow Fleet Network
The US Treasury’s Office of Foreign Assets Control has targeted Iran’s remaining shadow fleet network under Operation Economic Outcast. The action covered 17 vessels and their global support network.
Corruption
Hong Kong ICAC Charges Six Individuals over Alleged Subsidy Bribery and Fraud
Hong Kong’s ICAC charged six people, including a former Head of Entrepreneurship at Cyberport and an IT company proprietor, over alleged bribery and fraud involving the Digital Transformation Support Pilot Programme. The ICAC said the case involved at least 400 applications totalling about HK$20m in subsidies. The charges include alleged bribery connected to subsidy decisions and conspiracy to defraud.
KYC360/Experian News
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