Top stories this week:
Two-Thirds of EU Banks Could Miss AML Deadline | FATF Flags Blind Spots in Italy's AML Framework
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, a new PwC survey reveals that two-third of EU banks could miss the deadline for the EU’s new AML package, while the FATF has flagged blind spots in Italy’s AML framework.
In the fast-paced world of sanctions, the EU is set to adopt its 20th package of sanctions against Russia, and Deutsche Bank has flagged a possible breach of Russian sanctions.
In the corruption space, the EU has adopted its first common anti-corruption law.
We round off this week’s roundup with our latest report, "The Future of Customer Due Diligence: How Automation Reduces Onboarding Time, Cost and Operational Friction.”
KYC & AML
FATF flags blind spots in Italy's AML framework
The latest Financial Action Task Force (FATF) mutual evaluation of Italy found that, while authorities had conducted a significant number of complex stand-alone terrorist financing investigations, smaller illicit financial crime cases involving individuals who raise or move low levels of money are not being actively pursued for prosecution.
Two-thirds of EU banks could miss AML deadline
A PwC survey of over 500 institutions across 40 countries found that only around one-third of European financial institutions expect to be ready for the EU's AML package by the July 2027 deadline, with customer due diligence cited as the central operational bottleneck.
World-Check Refinitiv settles PEP privacy case
A UK court has approved a settlement between Refinitiv (LSEG) and two grandchildren of Serbian politicians who claimed they were unlawfully identified as relatives of politically exposed persons in the World-Check database. The profiles of two claimants and two siblings will be deleted from the database.
Former Swedbank CEO acquitted in money laundering case
Sweden's Supreme Court has acquitted Birgitte Bonnesen, the former CEO of Swedbank, of criminal charges in relation to a money laundering scandal that led to her dismissal in 2019.
Sanctions
EU to adopt 20th package of sanctions against Russia
The EU Council has agreed its 20th package of sanctions against Russia, following Hungary and Slovakia withdrawing their vetoes. The package targets additional individuals and entities linked to Russia's war against Ukraine, extends restrictions on energy and trade, and unlocks a €90 billion loan facility for Ukraine.
Deutsche Bank flags possible breach of Russian sanctions
Deutsche Bank has notified Germany's central bank of potential EU sanctions breaches after an internal task force found instances in its retail division where deposits above the €100,000 EU cap were received from individuals covered by Russia sanctions restrictions.
Corruption
EU adopts its first common anti-corruption law
The European Council has standardised criminal definitions and penalties for corruption across all EU member states, replacing a 2003 private-sector law and a 1997 convention on corruption involving EU officials. The directive covers bribery in the public and private sectors, trading in influence, misappropriation, obstruction of justice, illicit enrichment linked to corrupt activity, and concealment of proceeds.
___________________
KYC360 News
The Future of Customer Due Diligence: How Automation Reduces Onboarding Time, Cost and Operational Friction
Manual onboarding is inefficient and difficult to scale, as analysts spend time reconciling and chasing information across fragmented systems. In our new report with Nexus AML, we look at the onboarding effort and cost across regulated organisations in the UK and Europe.
You can learn,
• Why corporate client complexity drives workload more than industry type
• How automation technology cuts handling time and increases onboarding capacity without scaling headcount
• How the evolving regulatory landscape and emerging risks could raise the cost of manual onboarding further
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
KYC360 Weekly Roundup - 24th April 2026
KYC360 Weekly Roundup - 17th April 2026