Top stories this week:
Varengold Bank Fined €3.8M for AML Failings | Swiss Parliament Softens AML Reform
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, Varengold Bank is fined €3.8m for AML failings, and the Swiss parliament softens its AML reform.
In the fast-paced world of sanctions, the U.S. imposes sanctions on ‘shadow banking networks’ linked to Iran, and the EU Commission proposes sanctions and tariffs against Israel.
In the corruption space, a Retired Navy admiral is sentenced to six years for a bribery scheme.
We round off this week’s roundup with details on how ONE Fund Management strengthened risk monitoring with KYC360 Screening.
KYC & AML
Varengold Bank fined €3.8m for AML Failings
Germany’s BaFin has imposed a €3.8 million fine on Varengold Bank due to significant lapses in AML controls. Key failures included a systemic inability to report suspicious transactions.
Malta pushes back against proposed centralisation of EU crypto supervision
Malta has expressed opposition to proposals from France, Italy, and Austria to centralise cryptocurrency regulation under the European Securities and Markets Authority (ESMA), raising concerns about a potential negative impact on competitiveness.
Two arrested in Ireland over AML probe
Irish police arrested two individuals and recovered €90,000 in cash after authorities received reports of suspicious cash withdrawals.
Swiss parliament softens AML reform
Switzerland’s parliament has approved a more lenient version of its proposed money laundering reforms. The revised bill narrows the scope, applying the law only to consultancy activities that present concrete money-laundering risks.
Sanctions
U.S. imposes sanctions on ‘shadow banking networks’ linked to Iran
The U.S. Treasury has imposed sanctions on individuals and entities linked to shadow banking networks supporting Iran’s military. Sanctioned individuals and entities, based in the UAE and Hong Kong, facilitated financial transfers to Iran’s military.
EU Commission proposes sanctions and tariffs against Israel
In response to the ongoing Gaza conflict, the EU Commission has proposed sanctions against extremist Israeli settlers and the suspension of trade agreements with Israel. The move has faced opposition from some EU member states.
Corruption
Retired navy admiral sentenced to six years for bribery scheme
Retired navy admiral Robert P. Burke has been sentenced to six years in prison for accepting future employment at a government vendor in exchange for awarding that company a lucrative government contract.
KYC360 News
Case Study: How ONE Fund Management strengthened risk monitoring with KYC360 Screening
Management companies are under pressure to meet evolving AML and KYC obligations in an increasingly complex regulatory landscape. ONE Fund Management uses KYC360 Batch Screening to automate overnight screening of thousands of records, supported by ad-hoc checks through RiskScreen.
The result is continuous risk coverage, fewer false positives, and a streamlined compliance workflow.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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