Top stories this week:
UAE Fines Exchange House £41 Million for AML Failings | AUSTRAC Opens Second Consultation on AML/CTF Rule Reforms
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 UAE has fined an exchange house £41 million for AML failings and AUSTRAC has opened a second consultation into AML/CTF rule reforms.
In the fast-paced world of sanctions, the EU and UK have imposed fresh sanctions against Russia and the EU has lifted sanctions on Syria.
In the corruption space, Belgium has requested the lifting of MEP immunities as part of a Huawei corruption probe.
We round off this week’s roundup with an opportunity to join Stephen Platt and Bill Howarth for our latest webinar, “Transforming AML Training in Today’s Regulatory Environment.”
KYC & AML
UAE fines exchange house £41 million for AML failings
The UAE Central Bank has imposed a record fine of Dh200 million (approximately £41.1 million) on an exchange house for serious violations of AML/CTF regulations. Additionally, a branch manager was fined Dh500,000 and permanently barred from holding any role at licensed financial institutions.
AUSTRAC opens second consultation on AML/CTF rule reforms
Australia’s financial intelligence agency, AUSTRAC, has released a second exposure draft of proposed reforms to AML/CTF rules. The consultation seeks industry feedback on changes aimed at enhancing clarity and flexibility for reporting entities. Final rules are expected to be published in August 2025.
U.S. Senate advances GENIUS Act to regulate stablecoins
The U.S. Senate has progressed the GENIUS Act, a bipartisan bill designed to establish a regulatory framework for stablecoins. The legislation aims to ensure financial stability, consumer protection, and integration of stablecoins into the broader financial system. The bill passed a critical procedural vote with a 66-32 majority.
SRA imposes record £4 million fine for misuse of client funds
The Solicitors Regulation Authority (SRA) has levied its largest-ever fine of nearly £4 million against Nurul Miah, the former non-solicitor owner of the now-defunct Kingly Solicitors. The penalty was imposed for ‘serious and intentional’ misuse of client funds.
Birmingham solicitor and accountant charged with money laundering
Akhmed Yakoob, a solicitor and former MP candidate has been charged with money laundering offences, along with Nabeel Afzal, an accountant. This follows a National Crime Agency investigation. The charges include money laundering, encouraging money laundering, and failing to apply customer due diligence measures.
Sanctions
EU to lift sanctions on Syria
The European Union has agreed to lift economic sanctions on Syria, aiming to support the country’s transition and economic recovery following the fall of the Assad regime. The move follows a similar U.S. announcement last week.
UK and EU impose new sanctions on Russia
In response to escalating aggression in Ukraine, the UK and EU have announced a total of 100 new sanctions targeting Russia’s military, energy, and financial sectors. The measures aim to disrupt supply chains supporting Russia’s war efforts.
Corruption
Belgium requests lifting of MEP immunities in Huawei corruption probe
Belgian authorities have requested the European Parliament to lift the immunities of five Members of the European Parliament (MEPs) as part of an investigation into alleged bribery involving Chinese tech giant Huawei. The request to remove immunity for Italian centre-right lawmaker Giusi Princi has since been withdrawn.
KYC360 News
Webinar: Transforming AML Training in Today’s Regulatory Environment
What does the future of AML training look like? Join us for an exclusive webinar with two of the industry’s leading voices, Stephen Platt and Bill Howarth. They’ll explore how organisations can move beyond tick-box training and instead engage and equip their staff to manage real-world financial crime risks.
You'll learn:
- Why traditional AML training is broken – and how to fix it
- How to effectively engage staff at all levels - from MLROs to board executives
- The role of real-world case studies in driving risk awareness
📅 Date: 29 May 2025
🕒 Time: 3:00pm (UK Time)
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Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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