KYC360 Weekly Roundup - 3rd May 2024

Published on May 03, 2024

Top stories this week: 

Binance Founder Sentenced to 4 Months in Prison | U.S. Prosecutors Investigating Financial Transactions at Block | International Travellers Smuggling Billions Each Year


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 a 4 month prison sentence handed to the Binance founder, U.S. prosecutors investigating financial transactions at Block and international travellers smuggling billions each year.  

In the fast-paced world of sanctions, the U.S imposes fresh sanctions against companies in China accused of aiding Russia’s war machine and the UK sanctions prominent Ugandan politicians.  

In the corruption space, the Spanish PM decides not to resign in the wake of corruption charges against his wife and the head of Vietnam’s parliament resigns over corruption allegations.  

We round off this week’s roundup with an opportunity to register for our latest webinar, “Mastering Regulatory Complexity in Gaming and Gambling.” 

Financial_ServicesKYC & AML

Binance Founder sentenced to 4 months in prison 
Changpeng Zhao, who was the former head of the cryptocurrency exchange, pleaded guilty to charges of AML violations at Binance which led to the exchange becoming a hub for illicit financial transactions.  

Canadian Bank TD prepares for sizable AML violations fine  
TD bank is expecting a decision from the U.S. financial regulator as a result of AML failings and has set aside $450 million. The Canadian bank has said that discussions are ongoing with the DOJ and regulators and it is actively remedying the deficiencies.  

U.S. prosecutors investigating financial transactions at Block  
Block, which is the owner of Cash App and Square, is accused by a former employee of failing to follow compliance practices and processing transactions linked to sanctioned countries and terrorist groups. Federal prosecutors are investigating internal processes at Block.  

EU accuses three member states of inadequate AML regulations implementation  
Ireland, France and Latvia have been given two months to respond to a formal European Commission investigation. The EU countries are accused of failing to correctly implement the fifth AML directive into their national laws.  

International travellers smuggling billions each year  
A Wall Street Journal report revealed that air passengers at some of the busiest airports in the world are smuggling billions each year, often in their suitcases. Airport security is accused of solely focusing on flight security instead of actively spotting financial crime.  

UK Treasury warns of money laundering risks for crypto firms  
A government report showed that crypto firms, alongside retail banking, wholesale banking and wealth management had the largest money laundering risk.  


U.S. imposes fresh sanctions on companies in China accused of aiding Russia’s war machine 
Over 300 sanctions in total were announced and they aim to “degrade Russia’s ability to sustain its war machine”. Companies and entities across various jurisdictions have been hit by the sanctions, representing one of the largest actions taken against Chinese companies who support Russia’s defence industry. 

UK sanctions Ugandan politicians accused of corruption  
The corruption charges against high-profile politicians in the country include stealing from the poorest communities in Uganda. These latest sanctions are “part of the UK’s continued effort to crack down on serious corruption around the world.”  


Spanish PM decides not to resign despite corruption charges against his wife 
Pedro Sanchez was considering his future in the wake of corruption allegations against his wife, Begona Gomez, who is accused of influencing business deals. Sanchez has vehemently rejected the claims and accused them of being a smear campaign.  

Head of Vietnam Parliament resigns over corruption probe  
A major anti-corruption campaign in Vietnam has led to the resignation of the country’s top lawmaker. Vuong Dinh Hue is accused of unspecified violations and shortcomings.  

Gambling_GamingGaming and Gambling

UK Gambling Commission announces new rules to boost player safety  
The changes relate to the implementations of the 2023 Government White Paper. They include “reducing intensity of online games, improving consumer choice over receiving gambling marketing, light-touch financial vulnerability checks and tightening processes to support age verification checks in premises.” 


KYC360 News

New Webinar: Mastering Regulatory Complexity in Gaming and Gambling  
Join Stephen Platt, Founder of KYC360 and Ian Penrose, Board Advisor, as they discuss how firms can adapt compliance processes and successfully thrive in a fast-changing landscape. Hear how robust compliance becomes a competitive advantage allowing you to do more, better business faster. 
Register now


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