Top stories this week:
Isle of Man FSA updates firms on AML/CFT supervisory programme | Mauritius FIU clarifies suspicious transaction reporting process
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, Mauritius' Financial Intelligence Unit has issued supplementary guidance on suspicious transaction reporting, while the Isle of Man FSA has reported progress against its two-year AML/CFT supervisory programme.
In the fast-paced world of sanctions, OFAC has designated 10 individuals it says formed part of a courier network moving cash to Hizballah between Lebanon, Türkiye, the UAE and Iran.
In the corruption space, GRECO has called for stronger lobbying transparency, integrity safeguards and sanctions for code-of-conduct breaches in UK local government.
We round off this week’s roundup with the replay of our latest webinar, “The PEP Screening Gaps Regulators Are Finding and How to Close Them.”
KYC & AML
Isle of Man FSA updates firms on AML/CFT supervisory programme
The Isle of Man Financial Services Authority has published a year-one update on its 2025–27 AML/CFT/CPF supervisory programme, setting out work completed during 2025/26 and priorities for 2026/27.
Mauritius FIU clarifies suspicious transaction reporting process
Mauritius' Financial Intelligence Unit has issued Supplementary STR Guidance Note 4.1 to clarify how reporting persons should identify and escalate suspicious matters, the role of the MLRO, internal assessment and prompt reporting under section 14 of FIAMLA. The guidance supplements existing Guidance Note 4, took effect on 19 August and creates no new or separate legal obligations.
Saudi Arabia reportedly increases scrutiny of UAE-bound transfers
Reuters reported that Saudi Arabia has placed transfers to the UAE under additional regulatory scrutiny used for jurisdictions presenting greater illicit-finance risks, citing three people with direct knowledge. Six businesspeople reported delayed or returned transfers, while the Saudi central bank said there were no direct restrictions on specific countries and that banks apply controls based on risk factors including country and geographic risk.
Chinese national sentenced to 15 years over $92m money laundering network
Chinese national Jianfei Lu has been sentenced to 15 years in prison and ordered to forfeit $25m for his role in a money laundering organisation that the US Department of Justice said laundered more than $92m in illicit funds, including drug-trafficking proceeds. DOJ said Lu personally collected and deposited more than $20m in illicit bulk cash.
Sanctions
OFAC sanctions alleged Hizballah cash-smuggling network across four countries
OFAC has designated 10 individuals it says were part of a courier network moving cash for Hizballah on commercial flights between Lebanon, Türkiye, the UAE and Iran. The US Treasury said the network moved up to hundreds of millions of dollars outside the formal financial system and also re-designated Hizballah under its counter-terrorism authority.
Corruption
GRECO urges stronger lobbying and integrity safeguards in UK local government
GRECO (Group of States Against Corruption) has issued six recommendations following an evaluation of anti-corruption measures in UK local government focused on the Greater London Authority and Kent County Council. They include clearer sanctions for code-of-conduct breaches, stronger lobbying transparency, making the new local audit office fully operational, greater integrity training and legally formalising publication requirements for councillors' gifts and hospitality. The UK has been asked to report on implementation by 31 December 2027.
KYC360/Experian News
Webinar Replay: The PEP Screening Gaps Regulators Are Finding and How to Close Them
Join Shilo Grayson, Regulatory Strategy Specialist at KYC360, for a practical guide to understanding PEP risk, evolving regulatory expectations and what effective PEP controls look like in 2026. This session outlines how firms can move from basic PEP matching to a more effective risk-based framework, with practical steps for improving screening quality, EDD, audit trails and ongoing review.
Watch recording:
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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