Top stories this week:
Gambling Commission Updates Money Laundering Risk Assessment | Lombard Odier Fined CHF3 Million in Money Laundering 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 and financial crime. In the AML arena, the Gambling Commission has published an updated assessment of financial crime risks across the British gambling industry, while Lombard Odier has been fined CHF 3 million in money laundering failings.
In the fast-paced world of sanctions, the US has targeted an alleged Iranian maritime insurance network and vessels accused of supporting the country’s shadow fleet.
In the corruption space, Portugal’s first comprehensive lobbying transparency regime has taken effect, while an Australian renewable energy company manager has been charged over an alleged A$20,000 bribe.
We round off this week's roundup with our latest report, “KYC/AML Outlook: Emerging Priorities for Compliance Teams.”
KYC & AML
Gambling Commission Tells Operators to Review AML Controls After New Risk Assessment
The Gambling Commission has published its 2026 assessment of money laundering and terrorist financing risks in the British gambling industry, updating its 2023 analysis and taking account of the UK’s 2025 National Risk Assessment. Licensed operators are expected to consider the risks relevant to their businesses and update their risk assessments, policies, procedures and controls where necessary, while casino operators have additional obligations under the Money Laundering Regulations.
Lombard Odier Fined CHF3 Million in Money Laundering Case
Switzerland’s Federal Criminal Court has fined Lombard Odier CHF3 million after finding that the bank failed to take sufficient organisational measures to prevent money laundering by a former employee. The former client manager received a suspended 24-month sentence, while the court ordered the confiscation of more than CHF400 million in assets. Lombard Odier disputes the judgement and intends to appeal, meaning the ruling is not final.
OCC Rejects Wise Trust Bank Application Over AML Deficiencies
The Office of the Comptroller of the Currency has denied Wise’s application to establish a US national trust bank, citing significant supervisory and compliance concerns. The regulator said the proposed institution’s AML and counter-terrorist financing programme would remain inadequate until existing deficiencies were addressed and an enhanced enterprise-wide framework was developed. Wise said it plans to submit a new application.
FinCEN Warns Banks About Federal Student Aid Fraud Schemes
FinCEN has urged financial institutions to identify and report suspicious activity connected to fraud targeting US federal student aid programmes. Its alert describes schemes involving stolen and synthetic identities, fraudulently enrolled “ghost students”, and provides financial institutions with red flags and instructions for filing related suspicious activity reports.
NCA Freezes 16 London Apartments Linked to Singapore Laundering Investigation
The National Crime Agency has frozen 16 luxury apartments in central London owned by Xu Haika, who has been identified by Singaporean authorities as a suspect in the country’s $2.3 billion money laundering investigation. The properties are worth at least $33 million and were frozen under UK civil recovery legislation. Xu has not been criminally charged in the UK.
Sanctions
OFAC Sanctions Iran-Linked Maritime Insurance Network and Shadow Fleet Vessels
The US Treasury has sanctioned the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority over an alleged IRGC-backed scheme requiring commercial vessels to purchase maritime insurance to transit the Strait of Hormuz. The Treasury said HormuzSafe accepts Bitcoin and other digital assets as part of efforts to bypass sanctions and also imposed measures against several vessels accused of transporting Iranian oil and petrochemical products.
Corruption
Portugal Introduces Public Lobbying Transparency Register
Portugal’s first general lobbying transparency regime has taken effect under Law No. 5-A/2026. The legislation establishes rules governing contacts between private entities and public decision-makers and creates the public and free Transparency Register for the Representation of Interests, with registration required for entities seeking to undertake legitimate interest representation before public bodies.
Australian Manager Charged Over Alleged A$20,000 Bribe
A senior manager at a renewable energy technology company has been charged with allegedly attempting to bribe a Commonwealth public official during a product approval process. The National Anti-Corruption Commission said the man allegedly offered A$20,000 in cash and was charged following a joint investigation involving the Commission, the Australian Federal Police and Queensland Police. The allegations have not been proved in court.
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KYC360 News
KYC/AML Outlook: Emerging Priorities for Compliance Teams
2026 is becoming a year of implementation for KYC and AML teams. New rules are taking effect. Regulatory expectations are sharpening. And firms are under growing pressure to prove their controls work in practice, not just on paper. The KYC/AML Outlook explores the key priorities compliance teams should be focusing on.
Read now:
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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