Top stories this week:
Monaco Blacklisted by EU for Money Laundering Risks | UK Art Dealer Jailed for Selling High-Value Art to Suspected Hezbollah Financier
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, Monaco is blacklisted by the EU for money laundering risks, and a UK art dealer is jailed for selling high-value art to a suspected Hezbollah financier.
In the fast-paced world of sanctions, the EU announces its 18th sanctions package against Russia, while the UK, Australia and Canada have sanctioned Israeli ministers over West Bank violence.
In the corruption space, a watchdog clears the Australian government of corruption in the $2.4m Higgins settlement and Lebanon arrests a former economy minister on embezzlement charges.
We round off this week’s roundup with our latest guide, “KYC Refresh vs Remediation.”
KYC & AML
Monaco blacklisted by EU for money laundering risks
The European Union has added Monaco to its list of high-risk jurisdictions for money laundering and terrorism financing.
UK art dealer jailed for selling high-value art to suspected Hezbollah financier
British art dealer Oghenochuko Ojiri, known for his TV appearances on Bargain Hunt, has been sentenced to 2.5 years in prison after being convicted of selling high-value art to a suspected Hezbollah financier and failing to report the transactions.
Crypto CEO charged with laundering $500m to aid sanctioned Russian banks
The U.S. Department of Justice has charged Iurii Gugnin, CEO of a crypto payments company, with laundering over $500 million through U.S. banks and cryptocurrency exchanges to aid sanctioned Russian banks.
Latvia to prosecute alleged €297m EU VAT fraud ringleader
Latvian authorities have arrested and will prosecute the alleged ringleader of a €297 million cross-border VAT carousel fraud scheme, which involved shell companies across multiple countries in the EU.
Sanctions
EU announces 18th sanctions package against Russia
The European Commission has unveiled its proposed 18th package of sanctions against Russia, targeting energy, banking and oil sectors.
UK, Australia and Canada sanction Israeli ministers over West Bank violence
The UK, Australia, Canada, and several allies have imposed coordinated sanctions on two far-right Israeli ministers, Bezalel Smotrich and Itamar Ben-Gvir over accusations of inciting violence in the West Bank.
Corruption
Watchdog clears Australian government of corruption in $2.4m Higgins settlement
Australia’s National Anti-Corruption Commission (NACC) has concluded that there was no corrupt conduct in the $2.4 million compensation settlement awarded to former staffer Brittany Higgins, following her high-profile allegations of sexual assault.
Lebanon arrests former economy minister on embezzlement charges
Lebanese authorities have arrested former economy minister Amin Salam on charges of embezzling public funds.
KYC360 News
Guide: KYC Refresh vs. KYC Remediation
Financial institutions face the threat of increased enforcement actions, rising customer expectations, and growing pressure to keep KYC data up to date.
In our latest article, you can learn:
-The key differences between KYC refresh and remediation
-Common triggers for each process
-How technology can support a more efficient, risk-based approach
Learn more:
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
KYC360 Weekly Roundup - 13th June 2025
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