Top stories this week:
FCA Fines Barclays £42m over Financial Crime Risk Failures | Crypto Sector Under Scrutiny as AMLA Outlines Early Priorities
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, the FCA fines Barclays £42m over financial crime risk failures and, the crypto sector comes under scrutiny as AMLA outlines early priorities.
In the fast-paced world of sanctions, Slovakia blocks an EU sanctions package over Russia exemptions and, Europe threatens Iran with renewed sanctions over nuclear concerns.
In the corruption space, a WHO regional director is placed on indefinite leave amid corruption allegations.
We round off this week’s roundup with the key takeaways and lessons from the £21m FCA fine on Monzo for AML failings.
KYC & AML
FCA fines Barclays £42m over financial crime risk failures
The UK’s Financial Conduct Authority (FCA) has fined Barclays £42 million for failing to assess financial crime risks in a high-value transaction and for failing to check a FCA registrar before allowing an unauthorised firm to handle client funds.
Crypto sector under scrutiny as AMLA outlines early priorities
The EU’s new anti-money laundering authority (AMLA) has listed crypto assets among its first regulatory targets, citing increased illicit finance risks tied to virtual assets and exchanges.
East London law firm fined £78k over AML breaches
An East London law firm has been fined £78,000 following a tribunal ruling on serious AML compliance failures.
Sanctions
Slovakia blocks EU sanctions package over exemptions
Slovakia has demanded exemptions to proposed EU sanctions on Russia, blocking approval of the bloc’s 18th sanctions package.
Europe threatens Iran with renewed sanctions over nuclear concerns
France, Germany and the UK have warned Iran they will reimpose suspended UN sanctions by August if Tehran fails to reduce its uranium enrichment activities.
Corruption
WHO regional director placed on indefinite leave amid corruption allegations
Saima Wazed, WHO’s regional director for Southeast Asia and daughter of Bangladesh’s Prime Minister, has been placed on indefinite leave amid fraud, forgery and misuse of power allegations.
KYC360 News
FCA Fines Monzo £21m: What Went Wrong?
Monzo’s £21 million fine for AML failings highlights the consequences of prioritising growth over robust financial crime controls. Our latest article breaks down the key areas of failure identified by the FCA and outlines the essential lessons for banks and fintechs navigating rapid expansion.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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