Top stories this week:
FinCEN Confirms Exemption for Beneficial Ownership Reporting Requirements | FCA Considers Rule Changes to Ease Regulatory Burden on Financial Firms
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, FinCEN confirms the removal of beneficial ownership reporting requirements and the FCA considers rule changes to ease the regulatory burden on financial firms
In the fast-paced world of sanctions, the U.S. removes sanctions from crypto mixer Tornado Cash and the EU rejects the lifting of Russia sanctions as part of ceasefire deal.
In the corruption space, Sepp Blatter and Michel Platini are cleared of corruption charges
We round off this week’s roundup with a chance to view exclusive insights from the 2025 Remediation Survey.
KYC & AML
FinCEN confirms removal of beneficial ownership reporting requirements
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule removing the requirements for U.S. companies and persons to report beneficial ownership information (BOI) under the Corporate Transparency Act (CTA). This change exempts domestic entities from reporting obligations, while foreign companies are still required to report, however the scope is narrowed. The removal is effective immediately.
FCA considers rule changes to ease regulatory burden on financial firms
The UK’s Financial Conduct Authority (FCA) is considering revising disclosure rules for mortgages, lending and, savings products to ease the regulatory burden on banks. The FCA aims to streamline regulations and enhance consumer outcomes following the introduction of Consumer Duty.
FCA launches 5-year strategy
The FCA has also unveiled its 2025-2030 strategy, emphasising the fight against financial crime. It aims to enhance detection and disruption of illicit activities through leveraging cutting-edge technology and collaborating with international and domestic partners. It also aims to continue supporting firms in strengthening financial crime defences.
Criminals are laundering an estimated £2 billion annually through informal money transfers
A new report from the UK's HMRC has revealed that criminals are laundering these funds through informal money networks, notably Hawala systems. These services, which are used by various diaspora communities to transfer funds, are being exploited to conceal proceeds from organised crime. HMRC has urged operators to register for AML supervision.
Transparency International highlights money laundering risks in real estate
Transparency International’s Opacity in Real Estate Ownership Index (OREO) evaluates 24 jurisdictions on their vulnerability to money laundering through real estate. The index has found significant vulnerabilities, with no jurisdiction achieving a perfect score and ten scoring below five out of ten. Key issues include anonymous property purchases via corporate entities and inadequate AML regulations.
Sanctions
U.S. removes sanctions from crypto mixer Tornado Cash
The U.S. Treasury Department has lifted sanctions against Tornado Cash, a cryptocurrency mixing service accused of laundering over $7 billion, including funds linked to the North Korean Lazarus Group.
UK applies sanctions to Sri Lankan individuals for civil war human rights abuses
The UK has imposed sanctions on four individuals for serious human rights violations during Sri Lanka’s civil war. The sanctioned individuals include former senior Sri Lankan military commanders Shavendra Silva, Wasantha Karannagoda and Jagath Jayasuriya, as well as Vinayagamoorthy Muralitharan, a former commander in the Liberation Tigers of Tamil Eelam (LTTE).
EU rejects lifting of Russia sanctions as part of ceasefire deal
The European Union has rejected Russia’s demand to lift sanctions as a condition for a partial ceasefire in Ukraine. The EU maintains that sanctions will remain until Russia ends its aggression unconditionally.
Corruption
Sepp Blatter and Michel Platini cleared of corruption charges
Former FIFA President Sepp Blatter and former UEFA President Michel Platini have been acquitted of fraud charges by a Swiss court.
KYC360 News
Report: The Future of KYC Remediation
Our 2025 Remediation Survey found that over 44% of respondents expect remediation costs to rise. Organisations also contend with operational inefficiencies, difficulties in customer outreach and an increasingly complex regulatory environment.
Our report, “The Future of KYC Remediation: Top Priorities and Challenges in 2025,” looks at how organisations are overcoming these challenges and offers key insights into industry best practices.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
KYC360 Weekly Roundup -17th April 2025
KYC360 Weekly Roundup -11th April 2025