KYC360 Weekly Roundup - 16th Jun 2023

Published on Jun 16, 2023

HMRC issues AML fines to 240 companies in six months

Welcome to this week’s AML Roundup. In our anti-money laundering news this week, the UK’s HMRC issued fines to 240 businesses in the last six months of 2022 and it’s likely we’ll see even more in future. There’s a snapshot into financial crime in the UK and some tips for accountancy firms preparing for a visit from their AML regulator.

We have news on the latest efforts to push sustainable business across Europe and in our Gambling coverage this week, we look at how consumers are spending more on betting even though there are significant pressures on household budgets.

To complete this week’s Roundup, we provide you with further money laundering, fraud, corruption and bribery updates from around the world, the latest on gaming and gambling regulation and news from the crypto and virtual assets sector. We round off with what’s new in global sanctions including EU proposals to ban ships from docking at port when they’ve been involved in transferring goods to other ships to get around trade sanctions.


Financial_ServicesMoney Laundering, Fraud & Corruption

HMRC issues £3.2m in fines for AML breaches in the second half of 2022

240 supervised business were fined between 1 July and 31 December 2022 by HMRC for breaching money laundering regulations. HMRC’s Deputy Director of Economic Crime – Fraud Investigation Service, Nick Sharp said “Money laundering is not a victimless crime. We are here to help businesses protect themselves from criminal attacks and will continue to tackle the minority of businesses which do not comply with the Money Laundering Regulations”.

Snapshot into the financial crime market in the UK and Europe

Here’s an interesting article on the trends and developments in the financial crime space from crypto to sanctions to emerging technologies and corporate sustainability.

Accountancy firms: 8 steps to prepare for a visit from your AML regulator

Accountancy training company Mercia outline their key steps to prepare for an AML visit from your regulator and how you can demonstrate your commitment to combatting financial crime.

Money laundering through property in the UK

A useful summary of some of the challenges the property industry faces around money laundering and financial crime and how more needs to be done.

TSB calls on Meta to do more to combat consumer fraud

TSB chief executive Robin Mulloch has written to Meta requesting they do more to combat fraud on their platforms including Facebook Marketplace. TSB suggests that Meta’s platform accounts for 80% of all the fraud it has to refund.

Canadian Government launch a consultation on strengthening its national money laundering regime

As required by the Canadian Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the Canadian government is launching a parliamentary review of this act this year.


RequirementsLegislation, Regulation and Sustainability

CEO’s publish open letter urging the EU to adopt environmental legislation to address nature and climate crises

The CEO’s of more than 40 multinational companies, published an open letter on Monday calling on EU leaders to do more on environmental policies and regulations. This follows concerns that some lobby groups are pushing for a regulatory pause on environmental legislation in Europe.

EU Commission presents package to boost sustainable investment

The EU Commission has presented a new set of measures to strengthen the EU sustainable finance framework. The aim is to make it easier for companies to invest in their transition to sustainability and to make the framework itself, easier to use.


Gambling_GamingGaming and Gambling

Britons increase gambling spend through tough economic conditions

The UK’s Gambling Commission has published data on gambling behaviour over the past three years which shows the total money generated by gambling increasing 5% year-over-year in the first calendar quarter of this year with the overall number of bets placed increasing by 9% over the same period.

Belgium and France collaborate on gambling regulation

At last week’s Gambling Regulators’ European Forum conference, the Belgium Gaming Commission and France’s Autorité Nationale des Jeux (ANJ) announced their intention to collaborate on gambling regulation including safer gambling measures.

New Finnish lottery ads

If you haven’t seen these latest lottery ads from Finland, they’re worth a look. With true Scandinavian subtlety and a little humour, they make the case in an understated way.


Crypto-1Crypto & Virtual Assets

MiCA is published in the EU’s official journal

Recently signed into law, the EU’s new crypto law has now been published in the EU’s official journal paving the way for the landmark regulatory guidance on crypto assets to come into effect. Many in Europe are hoping it will help the EU gain early mover advantage in the crypto space.

Belgian burger chain to accept payment by crypto

The burger chain Black and White Burger is to accept crypto payments in all 12 of its Belgian stores. The company’s franchise chief Mansour Nasr said, “Black & White is a contemporary brand that [moves] with the times”.




EU Commission proposes sanctions reforms to target ship-to-ship transfers

In proposals recently tabled by the EU Commission, vessels engaging in ship-to-ship transfers of Russian crude oil and petroleum products are to be the subject of new rules. These would include denying access to ports for any ship suspected to have loaded Russian oil directly from another tanker.


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