Top stories this week:
FCA Calls for Stronger Controls Against Money Mule Networks | BaFin Fines Volksbank Düsseldorf Neuss €210K Over AML Deficiencies
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, the FCA has called for stronger controls against money mule networks, while BaFin has fined Volksbank Düsseldorf Neuss €210,000 over AML deficiencies.
In the fast-paced world of sanctions, the EU has extended Russia-related individual sanctions measures for three years while removing several listings.
In the corruption space, former Vitol trader Javier Aguilar has been sentenced to four years in prison for international bribery offences.
We round off this week’s roundup with the replay of our latest webinar, “GFSC Fines Utmost £1.96M: What Went Wrong?”
KYC & AML
FCA Calls for Stronger Controls Against Money Mule Networks
The FCA has published findings on money mule activity after surveying 35 regulated firms and examining how fraud proceeds move through the financial system. Firms reported closing 238,396 suspected mule accounts in 2025, up from 184,935 in 2023, while analysis found that criminals most commonly cashed out proceeds between the second and fifth accounts in mule chains. The regulator said firms should consider the findings when assessing their controls and opportunities for information sharing.
BaFin Fines Volksbank Düsseldorf Neuss €210K Over AML Deficiencies
German financial regulator BaFin has imposed fines totalling €210,000 on Volksbank Düsseldorf Neuss over deficiencies in its money laundering prevention arrangements. BaFin said the bank, which had outsourced its money laundering officer function to an external service provider, had failed to continuously monitor business relationships.
ECB Identifies AML Gap for Stablecoin Issuers in MiCAR Review
The European System of Central Banks has called for asset-referenced token and e-money token issuers to be subject to equivalent AML and counter-terrorist financing obligations as part of the EU's review of the Markets in Crypto-Assets Regulation. Its consultation response notes that e-money token issuers fall within the EU AML framework through their required financial licences, while some asset-referenced token issuers authorised only under MiCAR may not be obliged entities.
Europol Operation Targets Smuggling Network Linked to Money Laundering
Europol has supported an investigation involving authorities from 17 countries into a criminal network suspected of migrant smuggling, document fraud and money laundering. An operation in Austria, Italy, Spain and the UK resulted in six arrests and 10 searches, with authorities also seizing identity documents, electronic equipment, evidence and cash.
Sanctions
EU Extends Russia Sanctions to 2029 as Usmanov and Fridman Are Delisted
The Council of the EU has extended restrictive measures targeting those accused of undermining or threatening Ukraine's territorial integrity, sovereignty and independence for 36 months, until 22 September 2029. The measures apply to more than 3,000 individuals and entities. As part of the review, three individual listings and one entity were not renewed, with the implementing regulation identifying Alisher Usmanov, Mikhail Fridman, Andrey Falaleev and Redbird Corporate Services Ltd among those removed.
Corruption
Former Vitol Trader Jailed for International Bribery and Money Laundering Schemes
Former Vitol trader Javier Aguilar has been sentenced to four years in prison for his role in schemes to bribe officials in Ecuador and Mexico and was ordered to forfeit $7.13 million and pay a $100,000 fine. US prosecutors said Aguilar paid more than $1 million in bribes linked to business for Vitol and used shell entities, sham invoices and other arrangements to conceal payments, with a jury also convicting him of conspiracy to commit money laundering.
KYC360/Experian News
Webinar Replay: GFSC Fines Utmost £1.96M: What Went Wrong?
The Guernsey Financial Services Commission's £1.96 million enforcement action against Utmost Worldwide is one of the most significant recent AML cases involving the life insurance sector. Join Stephen Platt, Founder and Executive Advisor, KYC360 and Tom Devlin, Managing Director, KYC360, for an in-depth examination of the regulatory findings, exploring where Utmost's AML framework failed and what compliance teams can learn from the case.
Watch the 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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