KYC360 Weekly Roundup - 22nd Dec 2023

Published on Dec 22, 2023

Top stories this week: 

Interpol sting results in 3500 arrests | US Corporate Transparency Act latest | Iosco De-Fi policy recommendations

Welcome to this week’s AML Roundup. In anti-money laundering news this week, we have details of Interpol’s HEACHI IV operation targeting financial crime, which has netted $300m and lead to 3,500 arrests. There’s a financial crime dashboard for South Africa and positive news for the Cayman Islands.

We have the latest on the US Corporate Transparency Act which comes into force in just over a week’s time. There are developments in the gaming and gambling world with the Gambling Commission beginning a new public consultation, new laws coming in Sweden and updated AML guidelines in the Netherlands.

In crypto news, the international securities regulator Iosco, publishes its policy recommendations for decentralised finance (DeFi).

To complete this week’s Roundup, we provide you with further money laundering, fraud, corruption and bribery updates from around the world. In addition, there is news of the EU’s 12th package of economic sanctions against Russia.

We’ll see you again in the new year with a new look Roundup! In the meantime, we wish you all a peaceful and restful holiday season.


Financial_ServicesMoney Laundering, Fraud & Corruption

3,500 people arrested and $300m seized in huge international online financial crime operation

Interpol’s six-month operation entitled HEACHI IV (July-December 2023) targeted online scams of many types leading to arrests across 34 countries for money laundering, bribery and other offences.

FCN publishes Financial Crime Dashboard for South Africa

Financial Crime News (FCN) has published a dashboard with around 150 data points covering financial crime threats and South Africa’s ability to address them.

Cayman Islands ‘delisting’ begins

Having been removed from the Financial Action Task Force (FATF) grey list, the Cayman Islands is beginning to see the benefits. It’s now also being removed from grey lists in other jurisdictions such as the EU and the UK.


RequirementsLegislation, Regulation and Sustainability

US Corporate Transparency Act comes into effect on 1 Jan 2024

It’s only days until the new US Corporate Transparency Act (CTA) comes into force requiring certain entities to report beneficial ownerships information to the US Treasury’s Financial Crimes Enforcement Network (FinCEN). Here’s an update on what to expect.

Efama requests more meaningful Sustainable Finance Disclosure Regulations (SFDR) from the EU

The European Fund and Asset Management Association (Efama) is recommending that the European Commission’s review on ESG labelling must improve the Sustainable Finance Disclosure Regulation (SFDR) for better transparency.


Gambling_GamingGaming and Gambling

Gambling Commission launches consultations on financial penalties and ownership reporting

Running for 13 weeks, the Gambling Commission hopes these new consultations will lead to “greater clarity and transparency” as to how penalties following enforcement action are calculated.

New Swedish gambling law expected in April 2024

A new bill designed to address gambling related crime and further protect Swedish gambling consumers is set to enter law next April. As we’ve previously reported, fines will be increased for gambling companies that violate the Money Laundering Act to bring them in line with those for the Gambling Act.

Dutch gaming authority publishes updated AML/CFT guidelines

Kansspelautoriteit (KSA), the Gambling Authority of the Netherlands, has published updated guidelines for gambling operators on adhering to the provisions of The Money Laundering and Terrorism Financing (Prevention) Act (WwFT). The updated guidelines are available here (in Dutch).


Crypto-1Crypto & Virtual Assets

Iosco publishes decentralised finance (DeFi) policy recommendations

International securities regulator Iosco, includes 9 policy recommendations connected to decentralised finance (DeFi). These are designed to address market integrity and investor protection concerns.



EU adopts 12th package of economic sanctions against Russia

This latest round of sanctions against Russia includes a diamond ban and further extensions of bans against the supply of strategic and military technology.


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