Top stories this week:
Former TD Bank Employee Pleads Guilty to Aiding Money Laundering Network | Luxembourg Regulator Fines Rakuten Europe Bank for AML Failings
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, a former TD Bank employee pleads guilty to aiding a money laundering network, and the Luxembourg regulator fines Rakuten Europe Bank for AML failings.
In the fast-paced world of sanctions, Iran is reportedly accepting crypto payments for advanced weapons, and Trump backs a bill to sanction buyers of Russian energy exports.
In the corruption space, Malaysia detains an ex-army chief as part of a corruption probe.
We round off this week’s roundup with our 2026 KYC/AML Outlook, featuring the key trends that compliance teams should track.
KYC & AML
Former TD Bank employee pleads guilty to aiding money laundering network
Former TD Bank employee, Wilfredo Aquino, pleaded guilty in federal court to facilitating money laundering, with prosecutors saying he used his role as an assistant store manager to help move illicit cash into the financial system. The wider network moved about $474 million through TD Bank accounts.
Luxembourg regulator fines Rakuten Europe Bank for AML failings
Luxembourg’s financial regulator, CSSF, has fined Rakuten Europe Bank €185,000 for weaknesses in its AML/CTF controls.
UK tribunal warns of AML “double jeopardy” risk for law firms
A UK tribunal has warned that moving AML supervision for legal services to the Financial Conduct Authority (FCA) could create delay and “double jeopardy” if evidence-sharing and investigations are not properly coordinated with the Solicitors Regulation Authority and tribunal processes.
Sanctions
Iran reportedly accepting crypto payments for advanced weapons
Iran’s Ministry of Defence Export Center (Mindex) has drawn scrutiny for listing cryptocurrencies as a payment method in its FAQ to evade international sanctions.
Trump backs bill to sanction buyers of Russian energy exports
US Senator Lindsey Graham has stated that President Donald Trump has “greenlit” a bipartisan bill that would target countries buying Russian energy exports. Graham has publicly cited China, India, and Brazil when discussing the bill’s intended targets.
Corruption
Malaysia detains ex-army chief as part of corruption probe
Malaysia has detained a former army chief and his two wives as part of an investigation into alleged bribery linked to military procurement contracts. Authorities seized 2.4 million ringgit (£439k) as part of the investigation.
KYC360 News
2026 AML/KYC Outlook
2026 is set to bring sharper scrutiny of AML controls. Customer risk is shifting faster than periodic review cycles and regulators are tightening expectations around governance and keeping KYC data current. See the key KYC/AML trends to keep track of in 2026.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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