Top stories this week:
FATF Updates Travel Rule Under Recommendation 16 | Pictet Bank Fined for Money Laundering 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, Pictet bank is fined for money laundering failings and the FATF tightens its travel rule under Recommendation 16.
In the fast-paced world of sanctions, Unicat avoids prosecution after a $3.9m sanctions payment and the OFAC fines GVA Capital $216m for sanctions violations.
In the corruption space, Spanish PM Sánchez is under fire amid a corruption scandal involving a close aide.
We round off this week’s roundup with our Spotlight Report which highlights the key AML and KYC vulnerabilities for Trust and Corporate Service Providers (TCSPs).
KYC & AML
Pictet bank fined for money laundering failings
Swiss authorities fined Pictet CHF 2m (~ $2.46m) for failing to prevent transfers from an offshore firm controlled by Brazil’s state-owned oil company Petrobras. A former employee received a six-month suspended sentence for laundering over $4.1m linked to Petrobras.
FATF updates travel rule under Recommendation 16
The Financial Action Task Force (FATF) has updated Recommendation 16 to enhance transparency in cross-border payments, requiring additional sender and receiver data.
Switzerland approves creation of beneficial owner register
Swiss lawmakers have approved a federal beneficial ownership register to fight money laundering, though key categories including foundations, associations, and some trusts are exempt.
BVI and Bolivia added to FATF greylist
The British Virgin Islands and Bolivia have been added to the FATF greylist for AML/CTF deficiencies and are now under increased monitoring.
Norway wealth fund puts TD Bank under observation over AML concerns
Norway’s $1.9 trillion sovereign wealth fund has placed TD Bank under a four-year observation due to its concerns over AML failings.
U.S. Treasury outlines BSA modernisation plans
The U.S. Treasury Department outlined proposed reforms to modernise the Bank Secrecy Act, encouraging banks to focus resources on high-risk areas.
Sanctions
Unicat avoids prosecution after $3.9m sanctions payment
Unicat, a U.S. private equity firm, entered a non-prosecution agreement after self-reporting $3.88 million in sanctions violations related to Iran and Venezuela.
OFAC fines GVA Capital $216m for sanctions violations
The U.S. Office of Foreign Assets Control has levied a $215.99 million civil penalty on venture capital firm GVA Capital for managing investments on behalf of Russian oligarch Suleiman Kerimov.
UK tightens sanctions on Russia
The UK has introduced 30 new sanctions targeting Russia’s financial, military and energy sectors.
Corruption
Spanish PM Sánchez under fire amid aide corruption scandal
Spain’s Prime Minister Pedro Sánchez is embroiled in a growing scandal after Santos Cerdán, a close aide, resigned over alleged kickbacks linked to a construction contract scandal.
KYC360 News
Spotlight Report: Trust & Corporate Service Providers
Trust and Corporate Service Providers (TCSPs) face increasing pressure as money laundering risks evolve and regulatory expectations tighten. Our latest spotlight report explores where TCSPs are most vulnerable and how firms can strengthen their KYC and AML frameworks.
Learn more:
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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