Top stories this week:
Ikano Bank Fined £11.2m Over AML Failings | US Regulators Propose Bank-Style Customer Checks for Stablecoin Issuers
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, Ikano bank is fined £11.2m over AML failings, while US regulators have proposed bank-style customer checks for stablecoin issuers.
In the fast-paced world of sanctions, the UK has targeted Yandex Bank in the latest Russia sanctions, and fined Sabre Corp £1m for a sanctions breach.
In the corruption space, Ex-Nigeria oil minister Diezani Alison-Madueke is acquitted after a long-running UK bribery case.
We round off this week’s roundup with the opportunity to register for our latest webinar, “Navigating UK AML Reforms 2026.”
KYC & AML
Ikano Bank fined £11.2m Over AML failings
Sweden’s Financial Supervisory Authority has fined Ikano Bank SEK 140 million (around £11.2m) after finding shortcomings in its AML/CTF controls. The regulator said the bank failed to properly assess how its corporate products could be misused for financial crime and had not carried out sufficient enhanced due diligence on customers presenting a higher risk.
US regulators propose bank-style customer checks for stablecoin issuers
The Federal Reserve has requested public comment on a joint-agency proposal that would require certain payment stablecoin issuers to operate effective customer identification programmes, bringing parts of the sector closer to the compliance expectations already applied to banks and credit unions.
US probes alleged Iran-linked money flows through major banks
The US Department of Justice is reportedly examining whether transactions tied to Iranian Supreme Leader Mojtaba Khamenei’s investment network moved through major US banks, as part of a wider inquiry into alleged money laundering and corruption.
Bulgaria receives positive Moneyval assessment
Bulgaria has secured a stronger assessment from MONEYVAL after upgrading parts of its AML/CTF framework. It is now compliant or largely compliant with all 40 FATF recommendations.
Sanctions
UK targets Yandex Bank in latest Russia sanctions
The UK has added Yandex Bank to its latest Russia sanctions package, alongside measures targeting financial, shipping and procurement networks accused of helping sustain Moscow’s war effort.
Sabre Corp fined £1m for Russian sanctions breach
The UK has fined travel technology firm Sabre Global Technologies Limited more than £1 million, marking the country’s largest Russia-related financial sanctions penalty since the 2022 invasion of Ukraine. OFSI said the company continued providing services to designated Russian carrier Ural Airlines for seven months after sanctions took effect.
Corruption
Ex-Nigeria oil minister acquitted after long-running UK bribery case
Former Nigerian oil minister and ex-OPEC president Diezani Alison-Madueke has been found not guilty of all charges in a high-profile UK bribery trial, bringing a long-running National Crime Agency case to a close.
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KYC360 News
Webinar: Navigating UK AML Reforms 2026
Join Shilo Grayson, Regulatory Strategy Specialist at KYC360, for a practical guide to preparing for the UK’s most significant AML regulatory changes in years. This session outlines practical steps for navigating regulatory deadlines, updating compliance frameworks, and preparing for enhanced supervisory expectations.
Date: 8th July 2026
Time: 3:00pm - 4:00pm (UK Time)
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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