Top stories this week:
AMLA Advances EU Supervisory Database and Calls for MiCA AML Reforms | FinCEN Withdraws Proposed Crypto-Mixer and Unhosted-Wallet 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 advances its EU supervisory database and calls for MiCA reforms, while FinCen withdraws proposed crypto-mixer AML rules.
In the fast-paced world of sanctions, the UK and EU expand sanction measures against Russia, while the US takes action against the A7 network.
In the corruption space, the European Parliament sets its priorities for the EU’s first anti-corruption strategy.
We round off this week's roundup with our latest article, “PEP Screening for Wealth Managers.”
KYC & AML
AMLA Advances EU Supervisory Database and Calls for MiCA AML Reforms
AMLA has opened a consultation on draft regulatory technical standards for its central AML/CFT database, covering the information national supervisors must submit, reporting formats and submission timelines, with responses due by 3 November. Separately, the authority has identified five areas for consideration in the European Commission's review of the Markets in Crypto-Assets Regulation, highlighting AML/CFT risks linked to staking, lending and borrowing, DeFi control, unauthorised stablecoins, certain asset-referenced token issuers and cross-border supervision.
FinCEN Withdraws Proposed Crypto-Mixer and Unhosted-Wallet AML Rules
FinCEN has withdrawn two proposed rules affecting convertible virtual currencies. One would have introduced recordkeeping, verification and reporting requirements for certain transactions involving unhosted wallets, while the other proposed a special measure covering convertible virtual currency mixing.
Rank-Owned Casinos to Pay £5m Over AML and Customer-Risk Failures
A Three Rank Group-owned casino operators will pay a £5 million settlement following a UK Gambling Commission investigation into AML and social responsibility failures. AML shortcomings included outdated policies, inconsistent treatment of customers with elevated money laundering risk, inappropriate risk classifications, inadequate scrutiny of high-risk sources of funds and failures to conduct enhanced customer due diligence when required. The operators must also undergo a third-party audit.
Former TD Bank Employee Admits Taking Bribes to Launder $4.8m to Colombia
A former TD Bank employee has pleaded guilty to accepting bribes and facilitating the laundering of more than $4.8 million to Colombia while working at the bank. The case centres on the use of an insider position to facilitate illicit transactions and highlights the financial-crime risks posed by employees able to circumvent or misuse internal banking controls.
Sanctions
UK and EU Expand Russia Sanctions Measures
The UK has announced 38 new Russia-related designations targeting oil revenues, military supply chains and sanctions-evasion channels, including two Russian oil companies, 12 shadow-fleet tankers, three crypto exchanges and two payment platforms. The measures also target financial channels linked to sanctions circumvention, including entities connected to transactions involving the A7 network. Separately, the Council of the EU has extended its restrictive measures addressing Russia's destabilising and hybrid activities until 9 October 2027.
US Sanctions A7 Network
The US Treasury has sanctioned the A7 Network, a Russia-linked shadow banking network used to facilitate sanctions evasion and illicit financial activity involving Iran and other actors. OFAC designated A7 as a significant transnational criminal organisation, while the Treasury said its network of sub-agents had been used to disguise illicit payments as legitimate commercial activity.
Corruption
European Parliament Sets Priorities for EU's First Anti-Corruption Strategy
The European Parliament has adopted its priorities for the European Commission's forthcoming first EU anti-corruption strategy, calling for stronger prevention, enforcement and integrity measures across the bloc. MEPs backed tighter rules covering public procurement, conflicts of interest, asset declarations, revolving doors and political financing, alongside closer cooperation and data-sharing between national authorities and EU bodies.
KYC360/Experian News
Article: PEP Screening for Wealth Managers
In wealth management, PEP exposure rarely sits neatly with one named client. Family members, close associates, beneficial owners and complex structures can all shape the risk around a private client relationship. Our latest article looks at how wealth managers can identify PEP exposure accurately, apply proportionate EDD and keep risk assessments current.
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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