Top stories this week:
U.S. Blacklists Cambodian Financial Network over $4 Billion Laundering Allegations | Swiss regulator warns of growing money laundering risks
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 U.S. blacklists Cambodian financial network over $4 billion laundering claims and the Swiss regulator warns of growing money laundering risks.
In the fast-paced world of sanctions, the UK announces a sanctions package targeting the Russian shadow fleet.
In the corruption space, U.S. senators push back against “corrupt” crypto schemes.
We round off this week’s roundup with details about the launch of the new KYC360 Academy, which features 70+ CPD-accredited courses and 10+ professional certifications in financial crime prevention.
KYC & AML
U.S. blacklists Cambodian financial network over $4 billion laundering allegations
The U.S. Treasury has blacklisted Cambodia’s Huione Group, accusing it of laundering over $4 billion linked to cyber scams, fraud, and crypto transactions. The network allegedly operated payment platforms used by criminal groups across Southeast Asia. The sanctions freeze Huione’s U.S. assets and bar American entities from doing business with the group.
EU plans new rules to track crypto transactions
The European Union is finalising new AML rules requiring crypto service providers to record data on the senders and receivers of crypto funds. These regulations will also require intrusive checks on transactions over €1,000 between customer accounts and self-hosted wallets.
Swiss regulator warns of growing money laundering risks
Switzerland’s financial regulator, FINMA, has warned of increasing money laundering and sanctions evasion risks, particularly in the banking and asset management sectors. The statement follows several high-profile investigations into Swiss financial institutions.
Dubai billionaire jailed for money laundering
Balvinder Singh Sahni, a Dubai-based businessman, has been sentenced to five years in prison for his role in a cross-border money laundering operation. Sahni, also known as Abu Sabah, was convicted of laundering millions of dollars through UAE-based real estate and business transactions. The court confiscated 150 million Dirham (£30 million) and fined him 500,000 Dirham (£100,000).
U.S. lawmakers clash over GENIUS Act stablecoin Bill
U.S. Senate Democrats have blocked the “GENIUS Act,” a Republican-backed bill to regulate stablecoins, citing loopholes that could enable illicit finance. Advocacy groups also raised concerns, warning the bill favours industry interests over national security and anti-money laundering safeguards.
UK police charge TV personality with terrorist financing offence
Ochuko Ojiri, a former expert on BBC’s Bargain Hunt, has been charged with terrorist financing.
Sanctions
UK announces sanctions package targeting Russian shadow fleet
UK Prime Minister Keir Starmer has announced the largest sanctions package in British history, aimed at disrupting Russia’s “shadow fleet” of oil tankers. The measures target vessels, logistics firms and enablers involved in circumventing international sanctions on Russian energy exports.
Corruption
U.S. senators push back against “corrupt” crypto schemes
U.S. Senate Democrats have introduced measures to attempt to block what they describe as “profoundly corrupt” crypto projects linked to Donald Trump’s business network. Lawmakers argue the schemes exploit regulatory loopholes to promote fraudulent digital asset investments. The End Crypto Corruption Act directly targets President Trump and his family and aims to ban political officials and their families from financially benefitting from crypto schemes.
KYC360 News
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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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