Top stories this week:
AMLA Launches Key AML Rulebook Consultations | OFSI Updates UK Sanctions FAQs | Adani Bribery Case Developments Continue
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, AMLA has opened consultations on several important elements of the EU AML framework, the FCA has highlighted weaknesses in financial crime controls across parts of the asset management sector, and US authorities have announced a series of significant enforcement actions linked to AML compliance failures and money laundering networks.
In the fast-paced world of sanctions, the Office of Financial Sanctions Implementation has published updated sanctions FAQs aimed at supporting firms with their compliance obligations.
In the corruption space, developments continue in the Gautam Adani bribery case after a senior US prosecutor addressed the Department of Justice's decision to drop the criminal prosecution.
We round off this week's roundup with details of our upcoming webinar, "The PEP Screening Gaps Regulators Are Finding and How to Close Them".
KYC & AML
AMLA Opens Consultations on Core EU AML Standards
The EU's Anti-Money Laundering Authority has launched several consultations covering key elements of the bloc's new AML framework. The proposals address the assessment of risk profiles for non-financial sector firms, cross-border information sharing between Financial Intelligence Units, suspicious transaction reporting formats and ongoing monitoring requirements. The consultations form part of AMLA's wider programme to support consistent implementation of the EU AML rulebook across Member States.
FCA Highlights Financial Crime Control Weaknesses in Asset Management Sector
The Financial Conduct Authority has published findings from its review of financial crime controls across asset management and alternative investment firms. The regulator identified weaknesses in areas including business-wide risk assessments, customer risk assessments and the identification of beneficial owners within complex ownership structures. The findings provide an indication of the FCA's supervisory focus and expectations regarding financial crime risk management.
OCC Takes Action Against United Texas Bank Over AML Failings
The Office of the Comptroller of the Currency has issued an enforcement action against United Texas Bank relating to deficiencies in its Bank Secrecy Act and anti-money laundering compliance programme. The regulator said the deficiencies resulted in violations of law or regulation and formed part of the bank's transition to OCC supervision. The case highlights continuing regulatory scrutiny of AML programme effectiveness within the US banking sector.
DOJ Charges Alleged Operators of $43m Money Laundering Network
The US Department of Justice has charged two individuals accused of participating in a Chinese money laundering network that allegedly laundered approximately $43 million linked to investment fraud schemes. Prosecutors allege the operation helped move proceeds generated through cyber-enabled fraud activity, underscoring ongoing efforts by US authorities to target transnational laundering networks.
Former TD Bank Employees Sentenced in Money Laundering Case
The Department of Justice has announced prison sentences for two former TD Bank employees convicted of facilitating money laundering and fraud activity. According to the DOJ, the individuals assisted a money laundering network in moving millions of dollars through the financial system. The case highlights the continuing focus on insider misconduct and the role of financial institutions in preventing illicit activity.
Sanctions
OFSI Releases Updated UK Financial Sanctions FAQs
The Office of Financial Sanctions Implementation has published updated financial sanctions FAQs to support firms subject to UK sanctions requirements. The guidance forms part of OFSI's ongoing efforts to improve understanding of sanctions obligations and provide greater clarity on compliance expectations. Organisations operating in sanctioned or higher-risk jurisdictions are expected to review the updates as part of their sanctions compliance frameworks.
Corruption
Adani Bribery Case Remains in Focus Following DOJ Decision
A senior federal prosecutor has stated that there was no basis to dispute the US Department of Justice's decision to abandon its criminal prosecution of Indian businessman Gautam Adani. The case involved allegations that approximately $265 million in bribes were offered to secure contracts linked to a major solar power project in India. The latest court filing adds a further development to one of the most closely watched international bribery cases of recent years.
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KYC360 News
Webinar - The PEP Screening Gaps Regulators Are Finding and How to Close Them
Join Shilo Grayson, Regulatory Strategy Specialist at KYC360, on the 12th August, for a practical guide to understanding PEP risk, evolving regulatory expectations and what effective PEP controls look like in 2026.
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