Top stories this week:
KuCoin Fined $19.5m by Fintrac for AML Failures | UBS Pays €835M to Settle Lengthy French Tax Evasion Case
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, KuCoin is fined $19.5m by Fintrac for AML failures, and UBS pays €835m to settle a lengthy French tax evasion case.
In the fast-paced world of sanctions, Iran faces sweeping UN sanctions.
In the corruption space, Former French president Sarkozy is sentenced to five years in prison.
We round off this week’s roundup with our essential checklist for organisations navigating AML reform in Australia.
KYC & AML
KuCoin fined $19.5m by Fintrac for AML failures
The Canadian regulator fined Peken Global, which operates the cryptocurrency exchange KuCoin, C$19.5 million for failing to register as a foreign money services business, report large virtual currency transactions and submit suspicious transaction reports. KuCoin has disagreed with the findings.
UBS pays €835m to settle lengthy French tax evasion case
UBS has agreed to pay €730m in fines and €105m in civil damages to settle a long-running French tax evasion and money laundering case tied to cross-border activities from 2004–2012.
UK reports record crackdown on fraud
The UK government says a record £480 million of public funds was saved from fraudsters in the year to April 2025, citing crackdowns on Covid-related fraud, council tax discounts and unlawful social housing subletting.
EU dismantles €100m crypto fraud network
Eurojust coordinated raids across Spain, Portugal, Italy, Romania and Bulgaria, arresting five suspects and seizing assets linked to an online investment fraud that defrauded victims of more than €100 million.
Sanctions
Iran faces sweeping UN sanctions
Despite a push by Russia and China to delay the return of sanctions against Iran by 6 months, it appears likely that “snapback” measures will restore sweeping sanctions.
Corruption
Former French president Sarkozy sentenced to five years in prison
A Paris court sentenced former French President Nicolas Sarkozy to five years in prison for criminal conspiracy tied to alleged Libyan financing of his 2007 campaign.
KYC360 News
Tranche 2 AML Reforms: Essential Checklist
Australia’s Tranche 2 AML/CTF reforms take effect from July 2026, extending obligations to law firms, real estate agents, accountants, trust and company service providers and precious metals/stones dealers.
We’ve outlined the key dates, core obligations, and steps organisations should take now to prepare.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
KYC360 Weekly Roundup - 26th September 2025
KYC360 Weekly Roundup - 19th September 2025