Top stories this week:
UK Unveils Three-Year AML Strategy | Capitec Fined £1.2m Over Customer Due Diligence and AML Failures
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, the UK unveils its three-year AML strategy, while Capitec is fined £1.3m over customer due diligence and AML failures.
In the fast-paced world of sanctions, the OFAC has designated Iranian digital-assets exchange BitBank over alleged IRGC-linked bitcoin transfers.
In the corruption space, a former US prison officer is jailed for bribery and money laundering.
We round off this week’s roundup with our latest article on scaling sanctions and AML screening in banking.
KYC & AML
UK Unveils Three-Year AML Strategy
The Home Office has published the UK's Anti-Money Laundering and Asset Recovery Strategy for 2026 to 2029, backed by at least £550m of investment and plans for 500 additional law-enforcement officers and specialists by the end of 2029. Priorities include tackling cash-based laundering, abuse of professional and financial services, criminal activity on the high street, improving Post Office cash controls, reforming AML supervision, expanding cryptoasset capability and strengthening asset recovery.
Capitec Fined £1.2m Over Customer Due Diligence and AML Failures
South Africa's Prudential Authority has imposed a R28m (around £1.2m) financial penalty on Capitec Bank following an inspection under the Financial Intelligence Centre Act. The regulator identified shortcomings involving customer due diligence, enhanced and ongoing due diligence, employee training and elements of the bank's risk-management and compliance framework.
FCA Opens AML Investigation into Euro Exchange Securities
The FCA has opened an investigation into whether Euro Exchange Securities UK Ltd may have breached the Money Laundering Regulations between February 2020 and June 2026. The regulator is examining potential shortcomings in money-laundering risk assessment, customer due diligence, ongoing monitoring, governance, resourcing, record-keeping and escalation and reporting mechanisms, while stressing that it has not reached any conclusions on whether breaches occurred.
FCA, HMRC and UK Police Target Unregistered London Crypto Traders
The FCA, HMRC and Metropolitan Police have targeted three London premises suspected of conducting illegal peer-to-peer crypto trading and issued cease-and-desist letters at each location. The action was taken under the Money Laundering Regulations, with the FCA warning that unregistered peer-to-peer crypto businesses operating in the UK can provide a route for criminals to move and launder illicit funds outside controls designed to prevent financial crime.
AMLA Plans Joint FIU Analysis and Closer EU Supervisory Coordination
The EU Anti-Money Laundering Authority has outlined plans to strengthen cooperation between financial intelligence units and AML supervisors, with its first joint financial-intelligence analysis exercise planned for later in 2026.
Sanctions
OFAC Sanctions BitBank Over Alleged IRGC-Linked Bitcoin Transfers
OFAC has designated Iranian digital-assets exchange BitBank, its software developer and three associates of sanctioned financier Babak Zanjani as part of Operation Economic Outcast. The US Treasury alleges that the infrastructure was used to facilitate hundreds of millions of dollars in Bitcoin transfers to the IRGC and to process payments connected with the Hormuz Safe mechanism, forming part of an alleged digital-assets sanctions-evasion network.
Corruption
Former US Prison Officer Jailed for Bribery and Money Laundering
Former Bureau of Prisons correctional officer Ashley Brown has been sentenced to four years in prison after pleading guilty to 24 counts of accepting bribes and 16 counts of money laundering in connection with a prison contraband scheme. The US Department of Justice said Brown received more than $80,000 in payments linked to smuggling contraband into a federal prison, with payments sent through Cash App accounts.
KYC360/Experian News
Article: Scaling Sanctions and AML Screening in Banking
Growing screening volumes can put pressure on analyst capacity. This article looks at five practical ways banks can improve screening efficiency and give analysts more capacity to focus on higher-risk cases that require deeper assessment.
Read now:
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
KYC360 Weekly Roundup - 18th September 2026
KYC360 Weekly Roundup - 11th September 2026