Top stories this week:
UAE Fines Foreign Bank Branch £4.1M over AML Failures | FATF Adds Iraq and Bosnia to Grey List
WWelcome 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 UAE has fined a foreign bank branch £4.1m over AML failures, while the FATF has added Iraq and Bosnia and Herzegovina to its grey list.
In the fast-paced world of sanctions, the US has granted temporary sanctions relief for Iranian oil.
In the corruption space, an ex-Spanish transport minister has been sentenced to 24 years.
We round off this week’s roundup with an opportunity to register for our latest webinar, “Navigating UK AML Reforms 2026.”
KYC & AML
UAE fines foreign bank branch £4.1m over AML failures
The Central Bank of the UAE has fined a foreign bank branch AED 20 million, around £4.1 million, after examinations found significant and repeated weaknesses in its AML, counter-terrorist financing and sanctions controls.
FATF adds Iraq and Bosnia to grey list
The Financial Action Task Force has added Iraq and Bosnia and Herzegovina to its list of jurisdictions under increased monitoring, after both countries committed to addressing weaknesses in their AML/CFT frameworks. Algeria and Namibia have been removed after completing their action plans.
CACEIS UK censured over WealthTek-related financial crime control failures
CACEIS UK has been censured by the FCA and will make a £31.7 million voluntary payment to WealthTek clients after the regulator found the asset servicing bank failed to act on warnings that exposed clients to financial crime risk.
CLARITY Act faces pushback over digital asset oversight
US law enforcement and anti-trafficking groups have urged policymakers to revisit Section 604 of the CLARITY Act, warning that its protections for certain blockchain developers could create gaps in digital asset oversight.
TD Bank to monitor some financial crime and risk employees
TD Bank has told some employees in its financial crimes and risk management team that it will use WorkiQ software to track time spent on browsers, chat and meeting applications, according to a Reuters report.
Sanctions
US grants temporary sanctions relief for Iran oil trade
The US has issued a temporary licence easing restrictions on Iranian oil, allowing transactions linked to the production, delivery and sale of Iranian-origin crude, petroleum and petrochemical products until 21 August.
Corruption
Ex-Spanish transport minister sentenced to 24 years for corruption
Spain’s Supreme Court has sentenced former transport minister José Luis Ábalos to 24 years and three months in prison after finding him guilty in a corruption case linked to emergency Covid-19 mask contracts.
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KYC360 News
Webinar: Navigating UK AML Reforms 2026
Join Shilo Grayson, Regulatory Strategy Specialist at KYC360, for a practical guide to preparing for the UK’s most significant AML regulatory changes in years. This session outlines practical steps for navigating regulatory deadlines, updating compliance frameworks, and preparing for enhanced supervisory expectations.
Date: 8th July 2026
Time: 3:00pm - 4:00pm (UK Time)
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