Top stories this week:
Seven UK Banks Announce Data Sharing Agreement with NCA | Swiss Financial Regulator Reviewing UBS Onboarding of High-Risk Credit Suisse Clients
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, seven UK banks announce a data sharing agreement with NCA, the Swiss financial regulator is reviewing UBS onboarding of high-risk Credit Suisse clients and a UK law firm is fined £46k for AML failings.
In the fast-paced world of sanctions, a Russian billionaire forfeits £784k in sanctioned funds and Russia passes a crypto payments law to evade sanctions.
In the corruption space, the EU is investigating corruption in a Chinese LNG project.
KYC & AML
Seven UK banks announce data sharing agreement with NCA
The UK National Crime Agency (NCA) has partnered with seven major banks, including Barclays, NatWest and Lloyds, to form a pioneering public-private initiative aimed at combating organised crime by using banking data. This collaboration involves sharing account data to enhance the detection and disruption of financial crime.
U.S. Treasury Secretary collaborates with Amazon basin governments to curb environmental crimes
The U.S. Department of the Treasury announced the Amazon Region Initiative Against Illicit Finance to combat environmental crimes in the Amazon basin. Treasury Secretary Janet L. Yellen introduced this initiative to address illegal activities such as deforestation, illegal mining, and wildlife trafficking. This partnership leverages U.S. expertise and resources to enhance regional cooperation and enforcement efforts against illicit finance related to nature crime
UK law firm fined £46k for AML failings
The Coventry based firm Band Hatton Button failed to have sufficient AML controls in place. The £46k fine from the Solicitors Regulatory Authority is one of the largest ever handed down by the authority.
Two arrests in UK drug raid after £100k seized
Two individuals were arrested on suspicion of drug dealing and money laundering.
Sanctions
Russian billionaire forfeits £784k in sanctioned funds
Petr Aven, a close ally of Vladimir Putin, has agreed to forfeit £750,000 in a UK sanctions case. The UK’s National Crime Agency (NCA) successfully secured the forfeiture, marking a significant milestone as it is the first instance of the NCA recovering, rather than just freezing, sanctioned funds.
Russia passes crypto payments law to evade sanctions
The law is expected to go into force by September and the first international cryptocurrency payments are set to take place before the end of the year. This initiative will allow cross-border transactions using digital currencies to bypass Western sanctions.
Corruption
EU investigates corruption in Chinese LNG project
The EU is looking to recover up to €100 million euros after a Chinese LNG project was cancelled in Cyprus due to allegations of contractual breaches. The EU is investigating procurement fraud and misappropriation of EU funds.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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