Top stories this week:
UBS Fined €6M for AML Failures | FATF Upgrades Singapore to Regular Follow-Up Status
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, UBS is fined €6m for AML failures, and the FATF has upgraded Singapore to regular follow-up status.
In the fast-paced world of sanctions, the UK has applied sanctions against Russian drone networks and migrant trafficking operations.
In the corruption space, the FBI raided the office of a Virginia senator in a corruption probe.
We round off this week’s roundup with details of our inclusion in the FinCrimeTech50 2026.
KYC & AML
UBS fined €6m for AML failures
Monaco’s financial regulator has fined UBS €6 million following a 2024 inspection that found the bank’s local unit failed to file a suspicious transaction report for 253 days after a flagged transaction, dismissed a €25 million transfer involving a Cayman Islands company without review, and onboarded a client using documents largely in Russian and untranslated.
FATF upgrades Singapore to regular follow-up status
FATF’s fifth-round mutual evaluation of Singapore moved it from enhanced to regular follow-up, its best result to date. Assessors rated Singapore substantially effective on seven of eleven outcome areas, however gaps were identified in the oversight of certain sectors and sanctions implementation.
FinTRAC fines three firms for financial crime control failures
Canada’s financial watchdog FinTRAC issued fines to three regulated businesses. This included VersaBank ($42,075) for inadequate high-risk client monitoring, RE/MAX Twin City Realty ($24,750) for failure to assess and document money laundering risk, and jewellery retailer Birks Group ($51,562.50) for gaps in compliance policies, risk assessment documentation and biennial audit requirements.
Canada bans crypto ATMs and proposes creation of new financial crimes agency
Canada’s Spring Economic Update confirmed an upcoming ban on cryptocurrency ATMs, and proposed the creation of the country’s first dedicated Financial Crimes Agency.
ING Belgium settles over role in Didier Reynders money laundering case
ING Belgium has reached a €1.6 million settlement with Belgian prosecutors after an investigation found the bank failed to report 245 suspicious cash deposits made by former EU Commissioner Didier Reynders between 2001 and 2017, totalling €836,500, alongside hundreds of e-lottery transfers.
Danish regulator refers Nordea unit to police over CDD failures
Denmark’s FSA has asked police to investigate Nordea Finans Danmark after a 2023 inspection found the bank had inadequate due diligence for a large group of credit card customers, failing to assess why they wanted cards or what they would be used for.
Sanctions
UK applies sanctions against Russian drone networks and migrant trafficking operations
The UK has designated 35 individuals and entities under new Russia and irregular migration sanctions, targeting companies supplying drone components to Russia’s military and networks recruiting and trafficking migrants from across Africa and the Middle East to serve on the frontline in Ukraine.
Corruption
FBI raids office of Virginia senator in corruption probe
FBI agents executed court-authorised search warrants at the office of Senator L. Louise Lucas and a cannabis dispensary she co-owns, as part of a corruption investigation. No charges have been filed, and Lucas said the raid was politically motivated.
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KYC360 News
KYC360 recognised in FinCrimeTech50 2026
KYC360 is proud to be recognised in the FinCrimeTech50 2026 report, which lists the world’s most innovative tech companies offering solutions in financial crime and fraud prevention This recognition highlights how our innovative Screening, Onboarding and CLM solutions support regulated organisations to meet their compliance obligations, while driving commercial outperformance.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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