KYC360 Weekly Roundup - 15th Mar 2024

Published on Mar 15, 2024

Top stories this week: 

British Banks Given More Time to Check for Scams | EU Parliament Approves New Sanctions Laws | Britain Proposes Easier AML Checks | Klarna Fined for GDPR 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 and financial crime. In the AML arena, the top stories feature Britain giving banks more time to check for scams and opening consultations for easier AML checks. 

In the fast-paced world of sanctions, the EU parliament approved new sanctions laws and the U.S. imposed fresh sanctions on a network linked to Al Shabab militants.  

In the corruption space, the U.S. Treasury asked South Africa to set up its anti-corruption measures and France opened a probe into potential corruption at a telecom group.  

We round off this week’s roundup with an opportunity to learn more about KYC360’s recent recognition from Chartis.  

Financial_ServicesKYC & AML

FCA fines financial advice firm  

The firm, Inspirational Financial Management Ltd (IFM), was fined £897,840 for providing unsuitable DB pension transfer advice. The FCA found that 83% of the firm’s advice failed to comply with minimum regulatory standards.  

British banks given more time to check for scams 

British regulators are cracking down on ‘authorised push payment’ fraud by allowing banks to delay payment transfers by up to an extra three days if they suspect fraud or dishonesty. Victims lost over £485 million to these types of frauds in 2022 as reported by the Finance Ministry.  

Klarna fined for GDPR failings  

The Swedish payments group Klarna violated the EU's General Data Protection Regulation (GDPR) by not giving clients sufficient information on data storage and was fined 7.5 million crowns ($733,000). The case related to privacy notes in use between March and June 2020.  

South Africa aims to get off regulator ‘grey list’  

South Africa was placed on a grey list of countries deemed to have insufficient controls to prevent money laundering by The International Financial Action Task Force (FATF) last year. The central bank governor spoke of the reputational damage this has caused and aims to be removed from the list when the task force conducts the next review in 2025.

Britain proposes easier Anti-Money Laundering checks  

The finance ministry is consulting on ways of easing the burden of anti-money laundering checks and ensuring they are proportionate for businesses and individuals. These rules apply to over 100,000 businesses in the country, and the proposals seek to reflect the impact of Brexit and emerging financial activities. The public consultation runs until 9th June. fined €2.85 million by Dutch Central Bank 

The crypto exchange was fined for offering its services in the Netherlands without adhering to the required registrations for Anti-Money Laundering purposes.  



Italian Bank faces court hearings over Russian sanctions 

UniCredit faces court hearings in Russia and the UK over being sued by a Russian energy firm for failing to honour payments due to international sanctions restricting trade with Russia.  

U.S. imposes sanctions on Al-Shabab fundraisers  

The The U.S. Treasury Department imposed sanctions on 16 entities and individuals, which they claimed were part of a fundraising and money laundering network for the Al-Shabab militant group which operates in Somalia.  

Russia evading sanctions with luxury car imports  

A Sky News report reveals a surge in UK-made cars that are being sent to states near Russia to help evade sanctions. The analysis shows that UK luxury car sales to Azerbaijan have surged alongside an increase in Azerbaijan car exports to Russia.  

EU Parliament approves new sanctions laws 

The parliament approved new measures which aim to harmonise sanction efforts across the 27 member states. They aim to crack down on sanctions violations, particularly those involving the use of cryptocurrencies.  



US Deputy Treasury urges South Africa to step up fight against corruption  

Wally Adeyemo said that a boost in anti-corruption measures could boost job creation in the African nation, with the unemployment rate at 43% for under 35s. "We want to build upon this work to leverage international frameworks to combat corruption and promote transparency in various sectors, ensuring that resources are allocated efficiently for the benefit of all citizens," the Deputy Treasury stated. 

France opens probe into corruption at telecom group Altice 

The French prosecutors are probing individuals for potential corruption and money laundering at the telecom group Altice. The billionaire co-founder, Armando Pereira, was already subject to a three-year investigation by Portugal and was released on a €10 million bail. 

Gambling_GamingGaming and Gambling

UK Advertising Authority pulls BetUK radio advert  

BetUK, the sportsbook owned by LeoVegas, was ordered to withdraw an advert which first aired in September 2023 due to a complaint. The UK Advertising Standards Authority accepted the complaint about the advert, which featured retired footballer Adebayo Akinfenwa, due to it possibly appealing to under-18s.  

IBIA highlights how greater restrictions can lead to an uptick in unregulated markets  

A report from the International Betting Integrity Association (IBIA) revealed how restrictive regulations can drive consumers to offshore unregulated markets. It found a strong correlation between tighter gambling regulations and the use of offshore websites.  


KYC360 News

Read about our latest recognition from Chartis  

KYC360 was recognised as an industry leader in the Chartis FCC50® 2024 report, winning the category award for Market Specific Capabilities in Wealth Management. Learn more about how this achievement reaffirms KYC360 as a leader in the charge against financial crime.                                                                                                                         

Learn more. 


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