Top stories this week:
UK Serious Fraud Office Encourages Firms to Self-Report Suspected Crime | Cybercrime Syndicates Expand Operations Beyond Asia
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, the UK Serious Fraud Office encourages firms to self-report suspected crime and cybercrime syndicates expand their operations beyond Asia.
In the fast-paced world of sanctions, the UK eases some sanctions against Syria.
In the corruption space, former South Korean President Moon Jae-in is indicted for bribery.
We round off this week’s roundup with details of the KYC360 Comply and Outperform Podcast series.
KYC & AML
UK Serious Fraud Office encourages firms to self-report suspected crime
The UK’s Serious Fraud Office has updated its guidance to encourage companies to self-report suspected wrongdoing. Businesses that cooperate early, preserve evidence and offer transparency may be eligible for Deferred Prosecution Agreements.
Europol dismantles four organised crime networks
Europol has coordinated an unprecedented operation across five European countries, leading to the arrest of over 230 individuals and the dismantling of four major organised crime groups. The operation targeted networks involved in drug trafficking and money laundering.
Cybercrime syndicates expand operations beyond Asia
A UN report warns that cybercrime networks originating in Southeast Asia are expanding globally. The syndicates use coercion and forced labour to run fraudulent call centres targeting victims worldwide. Operations have now spread to Africa, South America and Eastern Europe.
UK gang launders drug proceeds through ‘meme coin’
A UK-based street gang created and promoted a cryptocurrency meme coin to launder the proceeds of drug trafficking. The group attempted to drive up the coin’s value using pump-and-dump tactics before cashing out the illicit gains.
U.S. crypto scam losses surged in 2024
According to a new report from the FBI, cryptocurrency-related fraud caused a record $9.3 billion in losses across the U.S. in 2024. This is a 66% increase from the previous year. Elderly victims were disproportionately affected and scams ranged from fake investments to romance fraud.
Sanctions
UK eases some sanctions against Syria
The UK has amended parts of its Syria sanctions regime, lifting restrictions on several government-linked entities. Officials say the move is designed to improve humanitarian access and support ordinary Syrians without empowering sanctioned individuals or undermining international accountability efforts.
Corruption
Former South Korean President Moon Jae-in indicted for bribery
Former South Korean President Moon Jae-in has been indicted on bribery charges linked to allegations he arranged a job for his son-in-law at a Thai airline in exchange for political favours. Moon denies all charges.
KYC360 News
Podcast: Comply and Outperform
The KYC360: Comply and Outperform Podcast is your essential listen for keeping up with the world of financial crime compliance, KYC and process optimisation.
Hosted by Stephen Platt and Tom Devlin, this series features thought-provoking conversations with the brightest minds in the industry.
Listen now:
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
KYC360 Weekly Roundup -25th April 2025
KYC360 Weekly Roundup -17th April 2025