KYC360 Weekly Roundup - 21st June 2024

Published on Jun 21, 2024

Top stories this week: 

HSBC Switzerland Breached AML Rules According to Swiss Watchdog | UK Review Into PEPs Delayed Until After Election 

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 Swiss watchdog alleging AML breaches at HSBC Switzerland, a delay in the UK review into PEPs and 24 individuals being charged in a money laundering scheme involving a Mexican drug cartel. 

In the fast-paced world of sanctions, the EU deliberates on its latest round of sanctions against Russia and Canada imposes fresh sanctions on 13 Russian individuals. 

In the corruption space, Adidas is investigating a Chinese bribery scandal. 

We round off this week’s roundup with an opportunity to learn more about KYC360’s recent enhancements to its Screening solutions. 

Financial_ServicesKYC & AML

HSBC Switzerland breached AML rules according to Swiss watchdog  
FINMA, the Swiss financial watchdog, has ordered HSBC Private Bank (Suisse) to conduct a review into its relationship with PEPs after alleged AML breaches related to 2 PEPs. The transactions under investigation were made between 2002 and 2015. The watchdog has banned HSBC from accepting high-risk clients until the review is complete.  

UK review into PEPs delayed until after election  
A review into how banks conduct checks into politically exposed persons (PEPs), which was set to be published at the end of June, will now be released after the upcoming UK elections

Credit Suisse to address AML deficiencies in New York branch  
The branch has struck a formal agreement with the Department’s Office of the Comptroller of the Currency (OCC) to remedy deficiencies in its compliance with AML obligations.   

Hungary makes progress in addressing compliance deficiencies 
MONEYVAL has reported improvements in the country’s approach to AML/CFT compliance and regulation of digital assets. Hungary will continue to report to MONEYVAL in improving its implementation of AML/CFT measures. 

24 individuals charged in money laundering scheme involving Mexican drug cartel  
A five-year investigation uncovered links between the Sinaloa Cartel and Chinese shadow bankers to launder over $50 million in drug trafficking proceeds.  

 

SanctionsSanctions

Canada announces further sanctions against Russia 
Canada announced additional sanctions on 13 Russian individuals in relation to the death of opposition leader Alexei Navalny and Russia’s continued human rights abuses.  

Talks continue over latest package of EU sanctions against Russia  
The 14th package of sanctions has been debated by EU countries for a month. The proposed measures would include a ban on Russian LNG trans-shipments and making EU operators responsible for sanctions violations by partners.  

 

CryptoCorruption

Adidas investigates Chinese bribery scandal  
The sportswear retailer is investigating whistleblower claims that senior staff in its Chinese business received bribes including millions of dollars in cash and valuable physical items from external providers that work with Adidas.  


Resources

KYC360 News

KYC360 announces enhancements to Screening Solution
KYC360 is delighted to announce the addition of user performance and matches dashboards to our modular screening solution, which makes up part of our award-winning Customer Lifecycle Management platform.  These enhancements will further streamline the screening process allowing users to comply and outperform.  

Read more

 

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