Top stories this week:
Standard Chartered Faces $2.7bn Lawsuit over Role in 1MDB Scandal | Europol Dismantles €460m Crypto Fraud Ring in Spain
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, Standard Chartered faces a $2.7bn lawsuit over its alleged role in the 1MDB scandal, and Europol dismantles a €460m crypto fraud ring in Spain.
In the fast-paced world of sanctions, the U.S. formally lifts most sanctions against Syria.
In the corruption space, a key witness in an ex-Peru mayor’s corruption trial is found dead.
We round off this week’s roundup with the full recording of our latest webinar, “Key Lessons from the Cayman FATF Delisting Journey.”
KYC & AML
Standard Chartered faces $2.7bn lawsuit over alleged role in 1MDB scandal
Liquidators representing Malaysia’s 1MDB sovereign wealth fund have sued Standard Chartered Bank in Singapore for allegedly enabling fraud that helped misappropriate around $2.7 billion. The bank has rejected the claims.
Europol dismantles €460m crypto fraud ring in Spain
Europol, in cooperation with Spanish police and other law enforcement agencies, dismantled a major cryptocurrency investment fraud syndicate and arrested five suspects accused of defrauding over 5000 victims worldwide.
EU lawmakers clash over AML blacklist changes
MEPs have raised concerns over the European Commission’s updated AML blacklist, which removed jurisdictions like UAE, Panama and Gibraltar, accusing it of falling short of FATF standards.
Worldline orders external audit amid allegations of client fraud
French payments firm Worldline has appointed auditor Accuracy to review high-risk merchants and assess internal controls following allegations it concealed client fraud.
Kuwait strengthens AML laws
Kuwait has tightened its AML legislation, enabling authorities to freeze suspected illicit funds and assets without a court order.
FATF warns of rise in stablecoin crime
The FATF has flagged a sharp rise in illicit activity involving stablecoins and urged for strengthened due diligence and transparency rules to curb terrorism financing.
Sanctions
U.S. formally lifts most sanctions against Syria
President Trump issued an executive order ending the U.S. sanctions programme on Syria, revoking most sanctions while maintaining those targeting the former Assad regime and ISIS.
Corruption
Key witness in ex-Peru mayor’s corruption trial found dead
José Miguel Castro, a key witness in the corruption trial of Lima’s former mayor, has been found dead in his home under house arrest.
KYC360 News
Webinar Replay: Key Lessons from the Cayman FATF Delisting Journey
Gain insights from Stephen Platt, Founder and CEO at KYC360, and Elisabeth Lees, Head of Regulatory Law at Claritas, as they discuss the Cayman Islands’ FATF delisting journey.
- What FATF evaluators look for and how to evidence effectiveness
- How a strong AML regime drives long-term resilience and investment
- Lessons other jurisdictions can apply from Cayman’s experience
- How FATF expectations are evolving ahead of the fifth round
Watch recording:
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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