Top stories this week:
U.S. Federal Reserve Removes Guidance for Banks Related to Crypto-Assets | Four Individuals Convicted in £6 Million NHS Scotland Bribery Plot
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, the U.S. Federal Reserve removes guidance for banks related to crypto-assets and the Bank of Italy warns of systemic risks from the U.S. embrace of cryptocurrencies.
In the fast-paced world of sanctions, China lifts sanctions on EU Parliament members and the U.S. imposes fresh sanctions against Iran.
In the corruption space, four individuals have been convicted in a £6 million NHS Scotland bribery plot.
We round off this week’s roundup with a chance to view the full recording of our recent webinar, “Avoiding KYC Bottlenecks with Networked KYC.”
KYC & AML
U.S. Federal Reserve removes guidance for banks related to crypto-assets
The Federal Reserve has announced the withdrawal of previous guidance that required banks to notify regulators about their crypto-asset and dollar token activities. This move is intended to support innovation within the banking system.
Bank of Italy warns of systemic risks from U.S. crypto embrace
The Bank of Italy has issued a warning about the potential systemic risks associated with the growing integration of cryptocurrencies into traditional financial systems. The central bank expressed concern over the U.S. administration’s recent supportive stance on digital assets, highlighting the dangers of increased market volatility.
FinCEN urged to improve access to beneficial ownership information
A report by the U.S. Government Accountability Office recommends that FinCEN enhance its systems to provide better access to beneficial ownership information and bolster fraud detection.
FinCEN issues alert on oil smuggling schemes linked to Mexican cartels
FinCEN has released an alert concerning oil smuggling operations along the U.S. southwest border, associated with Mexico-based cartels. The alert details methodologies and financial typologies used in these schemes and urges financial institutions to be vigilant in detecting and reporting related suspicious activities.
Sanctions
China lifts sanctions on EU Parliament members
China has removed sanctions imposed in 2021 on several EU Parliament members. The original sanctions were in response to EU criticisms over human rights abuses.
U.S. imposes fresh sanctions against Iran
The U.S. has imposed new sanctions targeting entities involved in Iran’s missile and nuclear programmes. These measures are part of ongoing efforts to exert pressure on Tehran amid stalled nuclear negotiations.
Corruption
Four individuals convicted in £6 million NHS Scotland bribery plot
Four individuals have been found guilty of participating in a £6 million bribery and corruption scheme involving NHS Scotland contracts. The convicted parties include two NHS officials and two directors of a telecommunications firm, who conspired to secure lucrative contracts through illicit means.
KYC360 News
Webinar Replay: Avoiding KYC Bottlenecks with Networked KYC
The full replay of our latest webinar is now available. Hear from Tom Devlin, CCO and Co-Founder at KYC360 as he explores how Networked KYC (nKYC) is transforming the way financial institutions onboard shared clients.
You'll learn:
-Why traditional KYC processes cause friction
-How nKYC reduces rekeying and accelerates onboarding
-How this technology ensures secure and compliant data sharing
Watch the full recording:
Watch now:
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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