KYC360 Weekly Roundup - 28th June 2024

Published on Jun 28, 2024

Top stories this week: 

EU Anti-Money Laundering Authority Comes Into Force | FCA Provides Update on Controversial “Name and Shame” Proposals

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 top stories feature the official launch of the EU Anti-Money Laundering Authority, an update from the FCA on controversial “name and shame” proposals and the Bank of Italy flagging suspicious transactions to Russia.  

In the fast-paced world of sanctions, the U.S. imposes fresh sanctions on Iran and the EU announces their 14th package of sanctions against Russia.  

In the corruption space, China removes two ex-defence ministers on corruption charges and two employees leave Adidas as a result of an ongoing corruption investigation.

We round off this week’s roundup with an opportunity to watch the full replay of our latest webinar, “Mastering High Risk Relationships Effectively to Outperform." 

Financial_ServicesKYC & AML

EU Anti-Money Laundering Authority comes into force  
The EU's new Anti-Money Laundering Authority (AMLA) has officially launched and is now seeking a chairperson for its headquarters in Frankfurt. It will oversee financial entities, coordinate national authorities, and implement EU regulations to ensure a unified and effective approach to combating financial crime.  

Bank of Italy flags suspicious transactions from Italian accounts to Russia 
The Bank of Italy identified potentially illegal transactions from Italian accounts to Russia in 2023, reporting a significant rise in suspicious activities following Russia's invasion of Ukraine. These transactions may be attempts to bypass international sanctions.  

FCA provides update on controversial “name and shame” proposals  
Steve Smart, Joint Executive Director of Enforcement and Market Oversight stated, “We have consulted very widely, and we are grateful for the many responses we have received. We will review the responses and will continue the engagement with industry and other interested parties – as Nikhil Rathi, our chief executive, said to parliament recently – we will take our time to consider the right way forward over the next few months.”  

Singapore PM sets out asset recovery strategy  
Singapore has launched a national asset recovery strategy aimed at enhancing the recovery of criminal proceeds. This initiative focuses on improving coordination among agencies, strengthening legal frameworks, and leveraging technology to track and seize illicit assets. 

Binance receives $2.25 million fine from Indian regulator for AML failings  
India’s Financial Intelligence Unit fined Binance $2.25 million for violating local anti-money laundering regulations. This penalty follows similar actions by regulators in other countries, reflecting global scrutiny on the crypto exchange's adherence to AML laws. 

 

SanctionsSanctions

U.S. imposes fresh sanctions on Iran 
The latest sanctions target individuals and entities linked to Iran's nuclear program. These measures aim to pressure Iran into compliance with international nuclear agreements and curb its nuclear activities.  

EU imposes 14th package of sanctions against Russia 
The EU has enacted its 14th package of sanctions against Russia, including restrictions on LNG imports. These measures are part of the EU's ongoing response to Russia's actions in Ukraine, aiming to weaken Russia's economic base and limit its capacity to sustain the conflict. 
 

CryptoCorruption

China removes two ex-defence ministers on corruption charges 
China has expelled two former defence ministers from the Communist Party amid corruption investigations. This move is part of President Xi Jinping's broader anti-corruption campaign targeting high-ranking officials and reinforcing party discipline within the military. 

Two employees leave Adidas as a result of an ongoing corruption investigation  
The company is probing corruption allegations in China and both employees who left had worked in the marketing department for Adidas China.  

Resources

KYC360 News

Mastering High Risk Relationships Effectively to Outperform: Full Webinar Replay 
Gain insights from Stephen Platt, Founder of KYC360, Tom Devlin, CCO at KYC360, and Nick Lewis, Managing Director, High Risk Client Unit at Standard Chartered Bank, as they discuss how managing high risk relationships effectively becomes a competitive advantage allowing you to do more, better business faster. 
Watch now

 

Advance your CPD minutes for this content,
by signing up and using the CPD Wallet

Get started

Catch up on previous KYC360 Roundups

Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.

KYC360 Weekly Roundup - 12th July 2024  
Roundup

KYC360 Weekly Roundup - 12th July 2024

Top stories this week: Citigroup fined $136m for failure to fix compliance issues | ANZ calls for standardisation of processes for banks
KYC360
Jul 12, 2024
KYC360 Weekly Roundup - 5th July 2024  
Roundup

KYC360 Weekly Roundup - 5th July 2024

Top stories this week: Crypto bank Silvergate agrees to $63 million settlement over regulatory failings | Singapore targets money launderers with new legislation
KYC360
Jul 05, 2024