Top stories this week:
FCA to Become Sole AML Supervisor for UK Professional Services Providers | U.S. and UK Impose Sanctions Against Russia’s Largest Oil Companies
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, the FCA is set to become the sole AML supervisor for UK professional services providers, and a new U.S. Senate bill proposes higher SAR and CTR thresholds.
In the fast-paced world of sanctions, the U.S. and UK impose sanctions against Russia’s largest oil companies, while the EU has approved their 19th package of sanctions against Russia.
In the corruption space, Former French President Sarkozy begins his five-year prison sentence for bribery.
We round off this week’s roundup with the opportunity to register for our upcoming webinar, “How and Why the Use of RegTech Is a Competitive Differentiator.”
KYC & AML
FCA to become sole AML supervisor for UK professional services providers
The UK government has confirmed it will consolidate AML/CTF supervision of law firms, accountants, and trust or corporate service providers (TCSPs) under the Financial Conduct Authority (FCA). The change, part of an overhaul of the supervisory regime, aims to deliver more consistent oversight.
U.S. Senate bill proposes higher SAR and CTR thresholds
The proposed STREAMLINE ACT would increase the thresholds for SARs (Suspicious Activity Reports) to $30,000 and CTRs (Currency Transaction Reports) to $3000 and $10,000, depending on the circumstances.
Ex-Citi banker jailed for involvement in Singapore money laundering case
Former Citibank relationship manager Wang Qiming was sentenced to 24 months in prison after he pleaded guilty to four charges tied to a S$3 billion (≈£1.73 billion) money laundering scandal. Prosecutors stated Wang forged remittance documents to mislead the bank about fund origins.
Cryptomus fined C$176.9m for AML failings
Canadian regulator FINTRAC imposed a record C$176.9 million penalty on Xeltox Enterprises Ltd., operating as crypto exchange Cryptomus, for severe AML failures including not reporting large virtual currency transactions, and not filing suspicious transaction reports.
France intensifies AML inspections of crypto firms
French authorities have expanded AML checks across more than 100 registered crypto providers to inform MiCA (Markets in Crypto-Assets Regulation) licensing decisions. Inspections include major exchanges such as Binance and Coinhouse.
Sanctions
U.S. and UK impose sanctions against Russia’s largest oil companies
The U.S. and UK have imposed sanctions on Russia’s largest oil companies, Rosneft and Lukoil, targeting revenue streams that support the country's war effort.
EU approves 19th sanctions package against Russia
The EU has approved its 19th Russia sanctions package, tightening restrictions on Russian energy, and adding measures against banks and crypto exchanges (including third-country entities facilitating evasion).
Corruption
Former French President Sarkozy begins five-year prison sentence for bribery
Former French President Nicolas Sarkozy has begun his five-year sentence after being convicted of criminal conspiracy tied to alleged financing of his 2007 campaign by Libya’s former leader, Muammar Gaddafi. He maintains his innocence and has appealed.
KYC360 News
Webinar: How and Why the Use of RegTech Is a Competitive Differentiator
Join us for an exclusive live replay of this standout panel discussion from the KYC360 Conference, moderated by Tom Devlin, CCO and Co-Founder at KYC360, and featuring Peter Messervy Gross, Chief Information Officer at Altum Group; Nadia Lewis, Head of Regulatory Consulting, Jersey at Appleby; and Tamara Vanmeggelen, Chief Risk & Compliance Officer and General Counsel at Mourant.
Together, they explore how and why the use of RegTech is becoming a genuine competitive differentiator.
Date: Tuesday 28th October
Time: 3:00pm (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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