Top stories this week:
FCA Drops Controversial ‘Name and Shame’ Proposals | ING Spain Fined €3.91 Million for AML 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 FCA drops controversial ‘name and shame’ proposals and ING Spain is fined €3.91 million for AML failings
In the fast-paced world of sanctions, the EU renews sanctions on Russian individuals and entities.
In the corruption space, an EU Parliament corruption probe leads to arrests.
We round off this week's roundup with our latest report, "TD Bank AML Failures: What Went Wrong?”
KYC & AML
FCA drops controversial ‘name and shame’ proposals
The UK Financial Conduct Authority (FCA) has scrapped its proposal to publicly name firms under investigation following industry backlash. Any announcement will be subject to an exceptional circumstances test rather than a proposed public interest. The decision follows concerns from financial institutions and lawmakers.
ING Spain fined €3.91 million for AML failings
Spanish supervisory authority, SEPBLAC has fined the Spanish branch of Dutch bank ING €3.91 million for compliance failings. Authorities cited deficiencies in reporting suspicious transactions.
EBA consults on new AML/CFT rules
The European Banking Authority (EBA) has launched a consultation on new rules related to the upcoming AML/CFT package. The proposals aim to establish technical standards for risk assessments, supervisory cooperation and compliance measures across EU financial institutions. Stakeholders have until June 26, 2025 to submit feedback.
UK government to abolish Payment Systems Regulator
The UK government has announced plans to abolish the Payment Systems Regulator (PSR) as part of efforts to reduce regulatory burdens and encourage economic growth. Responsibilities for overseeing payment systems will be transferred to the Financial Conduct Authority (FCA).
FinCEN orders stricter reporting near US southwest border
The U.S. Financial Crimes Enforcement Network (FinCEN) has issued a Geographic Targeting Order (GTO) requiring certain money services businesses near the US southwest border to report transactions of $200 or more. The order, effective for 180 days, aims to curb illicit financial flows linked to drug trafficking and money laundering.
Sanctions
EU renews sanctions on Russian individuals and entities
EU envoys have agreed to extend sanctions on Russian individuals and entities, maintaining restrictive measures imposed in response to the war in Ukraine. Hungary initially opposed the renewal but withdrew its veto following negotiations. The sanctions were set to expire on 15th March.
Corruption
EU Parliament corruption probe leads to arrests
Belgian authorities have arrested several individuals as part of an EU Parliament corruption investigation linked to Huawei. The probe examines whether illicit financial dealings influenced policy decisions and regulatory discussions. Officials are scrutinising lobbying efforts. Huawei has denied wrongdoing.
KYC360 News
Report: TD Bank AML Failures
TD Bank received a record $3 billion penalty in 2024 for shocking AML failures caused by significant compliance gaps and toxic culture. This latest report analyses the critical lapses and the key lessons for financial institutions to avoid similar mistakes.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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