KYC360 Weekly Roundup - 5th July 2024

Published on Jul 05, 2024

Top stories this week: 

Crypto Bank Silvergate Agrees to $63 Million Settlement Over Regulatory Failings | Singapore Targets Money Launderers with New Legislation

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 crypto bank Silvergate agreeing to a $63 million settlement over regulatory failings, a new Singapore bill that makes it easier to prosecute money launderers and the DEA accuses Citigroup of facilitating money laundering.  

In the fast-paced world of sanctions, the EU expands sanctions against Belarus.  

In the corruption space, French Defence company Thales has its offices searched in a corruption investigation.  

We round off this week’s roundup with an opportunity to view key takeaways from our latest “Comply and Outperform” webinar. 

Financial_ServicesKYC & AML

Crypto bank Silvergate agrees to $63 million settlement over regulatory failings 
The defunct crypto lender is accused of lying about its AML controls, misleading investors, failing to adequately monitor $1 trillion worth of crypto transactions and failing to detect almost $9 billion in suspicious transactions. Silvergate has settled with the SEC, Fed and the California state regulator without admitting or denying the charges.  

DEA accuses Citigroup of facilitating money laundering
A U.S. indictment has revealed that drug traffickers preferred to use Citigroup to launder funds as they believed it was more “favourable” and had less robust fraud controls. Two California residents are accused of depositing almost $36,000 of cash into ATM machines by depositing a few hundred dollars at a time. The DEA stated that the pattern of these transactions should have alerted suspicion.  

Singapore targets money launderers with new legislation 
The new Anti-Money Laundering and Other Matters Bill will make it easier for money laundering cases to be prosecuted by no longer making it a requirement to show a direct link between illicit funds and criminal conduct. The new bill comes on the back of a recent S$3 billion money laundering case in the country.   

Singapore quadruples fines for corporate service providers that fail to comply with AML obligations
A new law passed in Parliament will increase the maximum fine for firms and senior staff who breach AML obligations to S$100,000, a significant increase from the current figure of S$25,000. Additionally, the law will require all businesses providing corporate services to register with the Accounting and Corporate Regulatory Authority (ACRA) even if they only provide services to overseas clients.  

Monaco added to FATF ‘greylist’ and Turkey removed
The Financial Action Task Force (FATF) have announced the addition of Monaco and Venezuela to their ‘greylist’ and the removal of Jamaica and Turkey. Inclusion in the ‘greylist’ subjects countries to greater scrutiny from the task force and means they must follow an action plan to address deficiencies in their AML/CFT controls.  

Panama court acquits 28 individuals linked to Panama Papers and Operation Car Wash
The court acquitted the individuals charged with money laundering linked to the “Panama Papers” and “Operation Car Wash” scandals. 

EBA releases new risk assessment report 
In their latest risk assessment report, the European Banking Authority (EBA) warned that EU banks are not doing enough to mitigate money laundering risks and revealed that most money laundering and terrorist financing deficiencies relate to customer due diligence (CDD). Read the full report here


EU expands sanctions against Belarus 
The new sanctions will fight circumvention of sanctions against Russia via Belarus and impact on various aspects of the Belarussian economy, including trade, services and transport. 


French Defence company Thales has offices searched in corruption investigation 
Officers in France, the Netherlands and Spain carried out searches various Thales offices. The searches relate to investigations into suspected corruption.


KYC360 News

Mastering High Risk Relationships Effectively to Outperform: Key Takeaways 
See the key takeaways from our latest webinar with Stephen Platt, Founder of KYC360, Tom Devlin, CCO at KYC360, and Nick Lewis, Managing Director, High Risk Client Unit at Standard Chartered Bank. Learn how managing high risk relationships effectively becomes a competitive advantage allowing you to do more, better business faster. 
Read more


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Catch up on previous KYC360 Roundups

Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.

KYC360 Weekly Roundup - 12th July 2024  

KYC360 Weekly Roundup - 12th July 2024

Top stories this week: Citigroup fined $136m for failure to fix compliance issues | ANZ calls for standardisation of processes for banks
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KYC360 Weekly Roundup - 5th July 2024  

KYC360 Weekly Roundup - 5th July 2024

Top stories this week: Crypto bank Silvergate agrees to $63 million settlement over regulatory failings | Singapore targets money launderers with new legislation
Jul 05, 2024