Top stories this week:
Monzo Fined £21m for AML Failings | ECB and AMLA Sign Joint Supervision Agreement
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, Monzo is fined £21m for AML failings, and the ECB and AMLA sign a joint supervision agreement.
In the fast-paced world of sanctions, the U.S. applies fresh sanctions targeting an Iranian oil network and Ukraine urges biting sanctions to be imposed on Russia.
In the corruption space, Spain’s PM Sánchez pledges an anti-corruption overhaul.
We round off this week’s roundup with the opportunity to register for our latest webinar, “How to Engineer Better Screening Outcomes Through Better Data.”
KYC & AML
Monzo fined £21m for AML failings
The UK’s Financial Conduct Authority (FCA) imposed a £21.1 million fine on challenger bank Monzo, citing systemic deficiencies in customer due diligence, risk assessment, and transaction monitoring between 2018–2020.
ECB and AMLA sign joint supervision agreement
The European Central Bank and European AML Authority (AMLA) have signed an MoU to coordinate oversight of certain high-risk financial entities.
UAE and Gibraltar removed from EU watchlist
The EU has delisted the UAE and Gibraltar from its list of countries considered at high risk of money laundering, after MEP approval.
Singapore fines nine banks for AML deficiencies
The Monetary Authority of Singapore fined nine institutions, including Credit Suisse, UBS, Citibank, Julius Baer and UOB a total of S$27.45 million over failures in risk assessment and monitoring suspicious transactions related to a money laundering network worth over S$3 billion.
AUSTRAC orders external audit of Western Union Australia
Australia’s financial watchdog, AUSTRAC, has mandated an independent audit of Western Union Financial Services Australia, citing deficiencies in customer due diligence, suspicious matter reporting and international funds-tracking.
FINTRAC fines Canaccord Genuity $544k for AML breaches
Canada’s financial watchdog, FINTRAC, fined investment dealer Canaccord Genuity $544,500 following a 2023 review that identified failures to report suspicious transactions.
Sanctions
U.S. applies fresh sanctions targeting Iranian oil network
The U.S. Treasury has imposed sanctions against 22 entities involved in enabling the sale of Iranian oil.
Ukraine urges biting sanctions against Russia
President Zelensky called on Western allies to impose “biting sanctions” on Russia after Ukraine faced its heaviest drone and missile assault.
Corruption
Spanish PM pledges anti-corruption overhaul amid scandal
Spanish Prime Minister Pedro Sánchez has unveiled 15 measures to address alleged corruption within his Socialist Party, following the pretrial detention of former official Santos Cerdán over suspected kickbacks related to public contracts.
KYC360 News
Webinar: How to Engineer Better Screening Outcomes Through Better Data
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You'll learn:
-Why false positives are so common and how to eliminate them
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📅Date: 16th July 2025
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Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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