Top stories this week:
TD Bank Appoints Compliance Monitor | Cryptocurrency exchange OKX Fined $505 Million for AML Violations
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, TD Bank appointed a compliance monitor to oversee its AML programme and cryptocurrency exchange OKX was fined $505 million for AML violations.
In the fast-paced world of sanctions, the UK applied 107 new sanctions against Russia and Hungary pushed for the removal of 8 Russian individuals from the EU sanctions list.
In the corruption space, New York City Mayor Eric Adams asked a federal judge to remove his corruption charges.
We round off this week's roundup with exclusive insights from our new report, “The Future of KYC Remediation: Priorities and Challenges in 2025”.
KYC & AML
TD Bank Appoints Compliance Monitor
TD Bank has appointed Guidepost Solutions as a compliance monitor for its AML programme, following a record $3 billion penalty from U.S. regulators. Guidepost will oversee TD's U.S. operations to address AML deficiencies and enhance controls.
FinCEN warns financial institutions of rising romance scams
The U.S. Financial Crimes Enforcement Network (FinCEN) has urged financial institutions to be vigilant for signs of relationship investment scams by releasing an official warning. It has stressed the importance of precise Suspicious Activity Report (SAR) filings to assist law enforcement in identifying and prosecuting these fraudulent activities.
Cryptocurrency exchange OKX fined $505 million for AML violations
Aux Cayes FinTech Co., the operator of cryptocurrency exchange OKX, has admitted to operating an unlicensed money-transmitting business in the United States, contravening anti-money laundering regulations. The Seychelles-based company will pay $505 million in fines and forfeitures. From 2018 to early 2024, OKX facilitated over $5 billion in suspicious transactions, allowing U.S. customers to bypass platform restrictions.
Vietnam police bust $78.5 million cross-border money laundering network
Vietnamese police uncovered a cross-border money laundering operation involving transactions totalling approximately $78.5 million and arrested 21 suspects.
Sanctions
UK applies 107 new sanctions against Russia
On the third anniversary of Russia's full-scale invasion of Ukraine, the UK government has introduced 107 new sanctions targeting individuals and entities supporting the war. This extensive package aims to disrupt Russia's military supply chains and includes measures against arms producers in countries such as China and Turkey.
Hungary pushes to remove 8 Russian individuals from EU sanctions
Hungary has called for the removal of eight Russian individuals from the European Union’s sanctions list and is seeking guarantees on Ukraine’s gas transit talks before approving sanctions renewal. EU restrictions on Russia require unanimous agreement every six months.
Corruption
New York City Mayor Eric Adams seeks dismissal of corruption charges
New York City Mayor Eric Adams has requested a federal judge to dismiss his five-count corruption case with prejudice, preventing future reinstatement. His legal team argues that improper disclosures of Justice Department communications, including a letter detailing potential additional charges for evidence tampering, have compromised his right to a fair trial.
KYC360 News
Report: The Future of KYC Remediation
Keeping customer data up to date is critical for regulatory compliance, yet KYC remediation projects are often delayed and fall short of their objectives. Organisations contend with operational inefficiencies, difficulties in customer outreach and an increasingly complex regulatory environment.
Our latest report, “The Future of KYC Remediation: Top Priorities and Challenges in 2025,” looks at how organisations are overcoming these challenges and offers key insights into industry best practices.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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