Top stories this week:
EU Blacklists Russia as a High-Risk Jurisdiction for Money Laundering | Swiss Prosecutors Charge Ex-Credit Suisse Employee over Mozambique Loans Scandal
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 EU blacklists Russia as a high-risk jurisdiction for money laundering, and Swiss prosecutors charge an ex-Credit Suisse employee over the Mozambique loans scandal.
In the fast-paced world of sanctions, the UK publishes new guidance for trade with Syria.
In the corruption space, a former EU foreign policy chief is charged in a corruption case.
We round off this week’s roundup with the full replay of our latest webinar, “Key Lessons from Monzo’s £21m Fine.”
KYC & AML
Swiss prosecutors charge ex-Credit Suisse employee over Mozambique loans scandal
Swiss authorities have charged a former Credit Suisse employee with money laundering tied to $2 billion in loans issued to Mozambican state firms. Credit Suisse and its owner UBS have also been charged for failing to maintain adequate AML controls in connection to the scandal.
EU blacklists Russia as a high-risk jurisdiction for money laundering
The European Commission has designated Russia as a high-risk jurisdiction for money laundering and terrorist-financing controls, marking a break from FATF’s current stance.
FCA issues first censure of a professional body for AML failings
The UK Financial Conduct Authority has formally reprimanded the Institute of Certified Bookkeepers after finding serious deficiencies in its AML supervision between January 2022 and July 2023.
Three UK law firms fined for AML failings
Richard Pearlman LLP, Baron Grey Limited, and Ray Borley Dinkley LLP have been fined more than £20,000 in total for AML deficiencies in conducting conveyancing transactions.
Sanctions
UK publishes new guidance for trade with Syria
The UK has published updated guidance on how firms can engage in business with Syria, while maintaining compliance with the updated sanctions framework.
Corruption
Former EU foreign policy chief charged in corruption case
The European Public Prosecutor’s Office has charged Federica Mogherini and two other EU officials with fraud, corruption, conflict of interest and breach of professional secrecy in relation to an EU-funded diplomatic project.
KYC360 News
Webinar Replay: Key Lessons from Monzo’s £21m FineIn this exclusive replay, Shilo Grayson, Regulatory Strategy Specialist at KYC360, examines the operational, cultural and governance failures that led to Monzo receiving a £21 million FCA fine for serious AML breaches.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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