Top stories this week:
Block Fined $40m for AML Failings | UK Issues its First INTERPOL Silver Notice
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, Block is fined $40m for AML failings and the UK issues its first INTERPOL Silver Notice.
In the fast-paced world of sanctions, the U.S. lifts sanctions against a key Viktor Orbán ally and the UK announces sanctions against an Iranian organised crime network.
In the corruption space, Bangladesh issues an arrest warrant for UK MP Tulip Siddiq.
We round off this week’s roundup with a chance to register for our latest webinar, which details how financial institutions can streamline the onboarding of shared clients.
KYC & AML
Block fined $40m for AML failings
Block, the parent company of Cash App, has agreed to pay a $40 million penalty to the New York Department of Financial Services for significant AML failings. Regulators cited critical gaps in customer due diligence and oversight, particularly concerning high-risk cryptocurrency transactions, which left the platform vulnerable to criminal exploitation. As part of the settlement, Block will also appoint an independent monitor to oversee improvements in its AML controls.
Europol dismantles four organised crime networks
Europol has coordinated an unprecedented operation across five European countries, leading to the arrest of over 230 individuals and the dismantling of four major organised crime groups. The operation targeted networks involved in drug trafficking and money laundering.
UK issues its first INTERPOL Silver Notice
The UK has secured its first INTERPOL Silver Notice, targeting convicted fraudster Anopkumar Maudhoo, to trace and recover criminal assets. This notice aims to enhance international cooperation in asset recovery efforts.
Austrian banker loses fight against extradition to U.S. on money laundering charges
Peter Weinzierl, former CEO of Meinl Bank (now Anglo Austrian AAB Bank), has lost his legal battle against extradition to the United States. Weinzierl faces charges related to laundering hundreds of millions of dollars in connection with the Odebrecht corruption scandal. The UK High Court dismissed his appeal, clearing the way for his extradition.
U.S. Treasury Secretary calls for AML/CFT framework reforms
U.S. Treasury Secretary Scott Bessent has announced plans to reform the AML/CFT framework to focus more on national security priorities and higher-risk areas. The proposed changes would allow financial institutions to de-prioritise lower-risk activities.
Peru ex-president jailed for money laundering
A Peruvian court has sentenced former President Ollanta Humala and his wife, Nadine Heredia, to 15 years in prison for laundering nearly $3 million received from Brazilian construction firm Odebrecht and the Venezuelan government to finance his 2006 and 2011 presidential campaigns.
Sanctions
U.S. lifts sanctions against key Viktor Orbán ally
The U.S. has lifted sanctions on Antal Rogán, a close aide to Hungarian Prime Minister Viktor Orbán. Previously sanctioned over corruption allegations, Rogán’s removal from the sanctions list reflects a shift in U.S. foreign policy interests.
UK announces sanctions against Iranian organised crime network
The UK has imposed sanctions on the Iranian-linked organised crime group Foxtrot Network and its leader Rawa Majid.
Corruption
Bangladesh issues arrest warrant for UK MP Tulip Siddiq on corruption charges
Bangladesh’s Anti-Corruption Commission has issued an arrest warrant for UK Labour MP Tulip Siddiq, alleging her involvement in the illegal acquisition of a plot in Dhaka’s diplomatic zone. Siddiq, who is the niece of former Bangladeshi Prime Minister Sheikh Hasina, denies any wrongdoing and describes the charges as politically motivated.
KYC360 News
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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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