Top stories this week:
Bunq Fined €2.6M for Serious Deficiencies in AML Controls | PayPal Payments Blocked by Banks over Fraud Fears
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, Bunq is fined €2.6m for serious deficiencies in AML controls and PayPal has payments blocked by banks over fraud fears.
In the fast-paced world of sanctions, the UK, France and Germany are expected to reimpose global sanctions on Iran.
In the corruption space, a corruption scandal involving Karina Milei deepens in Argentina.
We round off this week’s roundup with the details of KYC360’s recognition by Banking CIO Outlook as “Top KYC Software in Europe.”
KYC & AML
Bunq fined €2.6m for serious deficiencies in AML controls
The fine relates to serious failures in ongoing monitoring and customer due diligence from January 2021 to May 2022. The Dutch neobank has formally lodged an objection to the decision.
PayPal payments blocked by banks over fraud fears
A number of European banks blocked payments worth around €10 billion after PayPal's fraud checking system allegedly failed to stop suspicious transfers. A Paypal spokesperson has said the matter has since been resolved.
FCA warns of impersonator scams
The UK’s Financial Conduct Authority (FCA) has received almost 5000 reports of scammers impersonating the regulator in the first half of this year and 991 people losing their money as a result.
Indian banks warned to step up checks on fund flows from Pakistan
Reuters reports that India has urged domestic lenders to tighten monitoring of indirect fund flows linked to Pakistan, labelling them high risk and potentially connected to arms procurement. Pakistan has rejected the claims.
HSBC private bank cuts ties with high-net-worth Middle Eastern clients
Bloomberg reports that HSBC’s Swiss private bank has begun the process of discontinuing services to 1000+ high-net-worth clients from the Middle East, with the move aimed at reducing risk exposure.
JPMorgan agrees to pay Malaysia $330m to resolve 1MDB scandal claims
JPMorgan Chase agreed to pay $330 million to settle claims linked to Malaysia’s 1MDB corruption scandal.
AUSTRAC orders Binance to appoint external auditor over AML concerns
Australian regulator AUSTRAC has ordered Binance’s local arm to appoint an external auditor due to serious concerns around the exchange’s AML/CTF controls.
Sanctions
UK, France and Germany expected to reimpose global sanctions on Iran
The UK, France and Germany are preparing to trigger the UN “snapback” mechanism to restore full sanctions on Iran, citing Tehran’s failure to curb its nuclear programme.
Corruption
Karina Milei corruption scandal deepens in Argentina
Argentina’s government is facing turmoil after leaked audio suggested Karina Milei, sister of President Javier Milei, solicited bribes in exchange for political favours.
KYC360 News
KYC360 recognised as Top KYC Software in Europe by Banking CIO Outlook
We’re delighted to announce that Banking CIO Outlook has recognised KYC360 as the Top Automated KYC Software Vendor in Europe for 2025. This recognition highlights how our industry-leading solutions enable firms to transform compliance into a competitive advantage, reducing time to value, enhancing customer experience, and driving operational efficiencies through intelligent automation.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
KYC360 Weekly Roundup - 29th August 2025
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