Top stories this week:
Report Estimates £325Bn in Illicit Finance Flows Through the UK Each Year | Norion Bank Fined £7.2M for Customer Due Diligence Gaps
In the fast-paced world of sanctions, the UK targets crypto firms in its latest Russia sanctions crackdown, and the FCA has released its latest assessment of sanctions controls.
In the corruption space, pressure mounts on Spanish PM Sánchez as investigations widen.
We round off this week’s roundup with details of our latest recognition by Chartis as a Category Leader for Screening and Adverse Media Monitoring solutions.
KYC & AML
Report estimates £325bn in illicit finance flows through the UK each year
A report by Finance Innovation Lab estimates that at least £325 billion in “dirty money” flows through the UK each year, spanning money laundering, corruption, illegal trade and tax evasion. The total rises to more than £788 billion when the UK’s Crown Dependencies and Overseas Territories are included.
Norion Bank fined £7.2m for customer due diligence gaps
Sweden’s financial watchdog has issued Norion Bank a formal remark and a SEK 90 million (£7.2 million) administrative fine after finding shortcomings in customer due diligence for higher-risk corporate clients.
Six individuals arrested in fraud and money laundering investigation
The UK National Crime Agency arrested four people in Cookstown as part of a cross-border investigation into online fraud linked to a money laundering network, while a linked Garda operation in Donegal, Longford and Louth led to two further arrests and the seizure of £174,000, €7,000 and a vehicle.
Italy seizes €200m in assets linked to Messina Denaro laundering network
Italian police have seized assets and companies worth more than €200 million in a money laundering investigation tied to drug trafficking proceeds linked to late Cosa Nostra boss Matteo Messina Denaro.
New Zealand Co-operative Bank faces £629k AML penalty
New Zealand’s central bank has filed civil proceedings against The Co-operative Bank over three AML/CFT failures dating back to 2020, including weaknesses in transaction monitoring, assurance testing and record-keeping. The bank has admitted liability, and the parties will jointly recommend a NZ$1.425 million (£629,000) penalty to the High Court.
Luxembourg to hire nine judges for new financial crime courts
Luxembourg plans to recruit nine judges to staff new specialised criminal chambers for economic and financial law, under a draft bill that would create dedicated courts at the Court of Appeal and the district courts in Luxembourg and Diekirch.
Sanctions
UK targets crypto firms in latest Russia sanctions crackdown
The UK has imposed sanctions on 18 entities and individuals, including major crypto exchange HTX, as part of a package targeting crypto exchanges, banks and financial networks it says were used to help Russia bypass restrictions.
FCA says firms have improved sanctions controls but gaps persist
The UK’s Financial Conduct Authority reports that financial firms have strengthened their sanctions controls since 2022, with £37 billion of assets frozen in the UK as of last year, but warned that weaknesses remain across due diligence, alert handling, screening and frozen-asset management.
Corruption
Pressure mounts on Spanish PM Sánchez as corruption probes widen
Spanish Prime Minister Pedro Sánchez is facing renewed political pressure as separate corruption cases involving his brother David Sánchez, his wife Begoña Gómez and former prime minister José Luis Rodríguez Zapatero move through the courts, while police have also searched the ruling Socialist Party’s Madrid headquarters in a separate investigation.
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KYC360 News
KYC360 Recognised as a Category Leader in Watchlist Monitoring Report
We are proud to share that KYC360 has been recognised by Chartis Research as a Category Leader in the Watchlist Monitoring 2026 Report for both Name and Transaction Screening Solutions and Adverse Media Monitoring Solutions. This recognition reflects the strength of our data methodology, workflow capabilities, and performance at scale, as well as our continued commitment to delivering solutions that enable organisations to comply and outperform.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
KYC360 Weekly Roundup - 29th May 2026
KYC360 Weekly Roundup - 22nd May 2026