Top stories this week:
US Proposes Cutting off Swiss Bank MBaer from Financial System | Sweden Launches AML Compliance Investigation into Swedbank
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 US has proposed cutting off Swiss bank MBaer from the US financial system, while Sweden’s financial regulator has opened a new AML compliance investigation into Swedbank.
In the fast-paced world of sanctions, the UK has announced a major new package of sanctions against Russia.
In the corruption space, a court in Bangladesh has ordered authorities to seek an Interpol red notice for a UK MP.
We round off this week’s roundup with details of our latest recognition as a Category Leader for CLM Solutions.
KYC & AML
US proposes cutting off Swiss bank MBaer from financial system
FinCEN has proposed a rule that would bar covered US financial institutions from opening or maintaining correspondent accounts for, or on behalf of, MBaer Merchant Bank AG. The US Treasury alleges that MBaer funnelled over a hundred million dollars through the US financial system for illicit actors tied to Iran and Russia.
Sweden launches AML compliance investigation into Swedbank
Sweden’s financial regulator will review whether Swedbank’s customer checks were sufficient under Swedish AML rules, covering December 2023 to November 2025. The move follows a US Department of Justice investigation that ended in January without a fine.
Seven arrested in cross-border cocaine trafficking investigation
A financial-trail investigation into an international cocaine trafficking network led to coordinated action across France, Italy, Belgium and Switzerland, resulting in seven arrests and the seizure of luxury vehicles and real estate valued at over €5 million.
FATF flags cyber-enabled fraud as major money laundering driver
The Financial Action Task Force (FATF) warns that cyber-enabled fraud is one of the most widespread profit-driven crimes and a major generator of illicit proceeds. Its latest report highlights that fraud accounts for more than 40% of all crimes in the UK and scam cases in Singapore have risen 61% in two years.
US considers mandating banks to collect citizenship information
The Trump administration is reportedly considering action that would mandate banks to collect citizenship data alongside other identification information.
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Sanctions
UK imposes significant sanctions against Russia
Following the 4th anniversary of Russia’s invasion of Ukraine, the UK has announced nearly 300 new sanctions against Russia, targeting oil pipeline company PJSC Transneft, 175 companies, and 48 tankers linked to Russia’s shadow fleet. New Zealand, Australia, and Canada have also imposed fresh sanctions against Russia.
Corruption
Bangladesh court orders move to seek Interpol red notice for UK MP
A Bangladeshi court has ordered authorities to seek an Interpol red notice for British MP and former minister Tulip Siddiq, who is the niece of former Bangladeshi Prime Minister Sheikh Hasina. The order relates to corruption allegations connected to a private real estate project in Dhaka.
KYC360 News
KYC360 Recognised as CLM Category Leader for Wealth Management
We are proud to share that KYC360 has been recognised by Chartis Research as a Category Leader for Client Lifecycle Management (CLM) Solutions 2026 in Corporate & Investment Banking (CIB) and Wealth Management.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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