Top stories this week:
FCA Proposes Streamlined Transaction Reporting for UK Firms | Deloitte Review Exposes AML Gaps at Bendigo and Adelaide Bank
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 proposes streamlined transaction reporting for UK firms, and a Deloitte review exposes AML gaps at Bendigo and Adelaide Bank.
In the fast-paced world of sanctions, the EU applies sanctions on ten Russian individuals for human rights violations.
In the corruption space, France’s top court has upheld former President Sarkozy’s campaign-financing conviction, and Nauru’s President faces corruption allegations related to Australian funding.
We round off this week’s roundup with further details of Experian’s strategic acquisition of KYC360.
KYC & AML
FCA proposes streamlined transaction reporting for UK firms
The UK’s Financial Conduct Authority has proposed clarifying requirements for transaction reporting to reduce costs and increase quality of data.
Deloitte review exposes AML gaps at Bendigo and Adelaide Bank
An independent review by Deloitte found critical shortcomings in Bendigo and Adelaide Bank’s AML/CTF controls, including weaknesses in risk assessment, customer due diligence and transaction monitoring.
Binance sued by victims of October 7 Hamas attacks
US victims and families of those affected by the October 7 Hamas attacks have filed a civil lawsuit against cryptocurrency exchange Binance. The claim alleges the exchange facilitated more than 1 billion dollars in transfers to Hamas and other designated entities by failing to apply adequate controls.
Former TD Bank employees allege discriminatory AML enforcement
Several former TD Bank staff in the United States of Chinese origin have sued the bank for wrongful dismissal after being fired in the wake of its major AML scandal.
Videoslots fined £650k for AML and social responsibility failings
Online gambling operator Videoslots Limited has been fined £650,000 for AML and social responsibility failings.
Sanctions
EU applies sanctions on ten Russian individuals for human rights violations
The EU has sanctioned high-level Russian officials for alleged human rights abuses and repression of Democratic opposition.
Corruption
France’s top court upholds Sarkozy campaign-financing conviction
Former President Nicolas Sarkozy has had his conviction for illegal campaign financing upheld by France’s highest court.
Nauru President faces corruption allegations related to Australian funding
Nauru’s President David Adeang has been accused in the Australian Senate of involvement in suspicious transactions, allegedly siphoning millions of dollars from Australian funding related to offshore processing arrangements.
KYC360 News
What Experian’s Acquisition of KYC360 Means for YouExperian's acquisition of KYC360 brings together our award-winning Screening, Onboarding and CLM solutions with Experian’s global data, analytics, identity and fraud expertise.
For customers, nothing changes operationally. Your service, contracts, leadership team and daily workflows remain the same. The difference is that the platform now benefits from greater scale and long-term investment.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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