Top stories this week:
TD Bank Sets Aside Further $2.6 Billion for Expected AML Fines | German Regulator Seizes €25 million in Major AML crackdown
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 set aside a further $2.6 billion for expected AML fines, the German regulator seized €25 million euros in major AML crackdown and a new study showed the U.S. is a preferred hub for illicit financial transactions.
In the fast-paced world of sanctions, Switzerland adopted the 14th EU sanctions package against Russia and the U.S. drafted sanctions against Venezuelan government officials.
In the corruption space, Former U.S. congressman Santos pleaded guilty to fraud and faces years in jail.
We round off this week’s roundup with a chance to view our latest blog which delves into the key challenges facing financial institutions in Luxembourg.
KYC & AML
TD Bank sets aside further $2.6 billion for expected AML fines
TD Bank has allocated an additional $2.6 billion as it continues to address an ongoing AML investigation in the U.S. TD CEO Bharat Masrani commented, "We recognize the seriousness of our U.S. AML program deficiencies and the work required to meet our obligations and responsibilities is of paramount importance."
German regulator seizes €25 million in major AML crackdown
Authorities targeted illegal crypto ATMs operating without proper licenses across the country. The crackdown is part of a broader effort to combat money laundering activities linked to digital currencies.
New study suggests U.S. is preferred hub for illicit financial transactions
A new study reveals that the U.S. is increasingly becoming a preferred hub for illicit financial transactions, surpassing other developed nations in attracting questionable capital. This is attributed to weaker financial transparency laws
UK estate agents fined £1.6 million for AML breaches
Several UK estate agents have been fined a total of £1.6 million by HMRC for failing to comply with AML regulations. The fines were imposed after investigations revealed significant lapses in due diligence and compliance procedures.
Sanctions
Switzerland adopts 14th EU sanctions package against Russia
Switzerland has officially joined the 14th EU sanctions package against Russia, marking a significant continuation of its alignment with European policies in response to the ongoing conflict in Ukraine. The sanctions include measures to restrict Russian energy exports, particularly liquefied natural gas (LNG).
U.S. drafts sanctions against Venezuelan government officials
The U.S. is preparing to impose sanctions on approximately 60 Venezuelan government officials, as part of an effort to increase pressure on the Maduro regime. These measures are linked to allegations of electoral fraud in Venezuela's recent presidential election.
Corruption
Former U.S. congressman Santos faces years in prison after guilty plea
Former U.S. Congressman George Santos has pleaded guilty to multiple charges, including fraud, which could result in a lengthy prison sentence. Santos, who was expelled from Congress earlier, admitted to orchestrating fraudulent schemes that exploited his political position.
KYC360 News
Key AML Challenges in Luxembourg’s Financial Sector
How can financial institutions in Luxembourg effectively manage the growing complexity of AML regulations? In our latest blog, you can discover the key challenges facing compliance teams in the country. See why automated technology is needed to navigate these growing challenges.
Learn more
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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