Top stories this week:
AMLA Finalises Three Core Standards for EU-Wide AML Rulebook | Switzerland Introduces Federal Beneficial Ownership Register Under New AML Rules
Welcome 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, AMLA has finalised three core standards for the EU-wide AML rulebook, while Switzerland has launched a new federal beneficial ownership register.
In the fast-paced world of sanctions, the UK and EU have unveiled new measures targeting Russia.
In the corruption space, two former Hungarian ministers have been detained in separate investigations.
We round off this week’s roundup with "From Periodic Reviews to Living Risk: The Future of Financial Crime Compliance", a new article by KYC360 Managing Director Tom Devlin exploring the move towards more dynamic, event-driven approaches to financial crime compliance.
KYC & AML
AMLA Finalises Three Core Standards for EU-Wide AML Rulebook
The EU Anti-Money Laundering Authority has finalised three regulatory technical standards covering the distinction between business relationships and occasional or linked transactions, customer due diligence, and group-wide AML/CFT arrangements. The drafts have been submitted to the European Commission for adoption.
Switzerland Launches Federal Beneficial Ownership Register Under New AML Rules
Switzerland's new federal beneficial ownership register began operating on 1 October as the country's Transparency Act took effect. Legal entities subject to the legislation must register their beneficial owners and report subsequent changes, subject to applicable transition periods. The revised Anti-Money Laundering Act also extends due diligence requirements to certain higher-risk advisory activities, including some services involving real estate transactions and the formation or structuring of legal entities.
FATF Calls for Stronger Action From Canada on Complex Money Laundering Cases
A new mutual evaluation by the Financial Action Task Force and Asia-Pacific Group on Money Laundering has found that Canada has strengthened its defences against illicit finance and advanced its framework for beneficial ownership transparency, but identified weaknesses in risk-based supervision and called for greater prioritisation of complex money laundering investigations and prosecutions. The assessment also highlighted limited supervisory coverage in parts of the non-financial sector, including real estate and dealers in precious metals and stones.
17 Arrested in Major UK Organised Crime and Money Laundering Operation
A joint Metropolitan Police, FCA and HMRC operation has led to 17 arrests following raids at 24 properties, with more than 800 officers involved. Those arrested were held on suspicion of offences including money laundering, tax evasion and false accounting.
Sanctions
UK and EU Announce New Sanctions Against Russia
The UK and EU have announced new sanctions targeting Russian-linked individuals, entities and vessels. The UK's package comprises 23 individuals and entities and eight ships, targeting LNG-related shadow-fleet activity, pro-Kremlin disinformation networks, and people linked to the mistreatment of Ukrainian civilians and the indoctrination or militarisation of children. Separately, the EU imposed restrictive measures on 10 individuals and 17 entities it says were involved in the unlawful deportation, forcible transfer and forced assimilation of Ukrainian children.
Corruption
Two Former Hungarian Ministers Detained in Corruption Investigations
Former Hungarian ministers Balázs Hankó and Miklós Seszták were detained after parliament lifted their immunity, in separate investigations involving alleged misuse of public funds and alleged bribery. Both have denied wrongdoing.
KYC360/Experian News
Article: The Future of Financial Crime Compliance
In a new article, KYC360 Managing Director Tom Devlin examines the shift from fixed periodic reviews towards more dynamic, event-driven approaches to financial crime compliance. He explores how living risk models can help firms respond to material changes in customer risk, while highlighting the importance of connected data, clear governance and human oversight as organisations adopt automation and AI.
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Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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