Top stories this week:
UK Lords Urge FCA to Drop ‘Name and Shame’ Proposals | Spanish Bank Banca March Fined Over €600,000 for Serious AML Breaches
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, Spanish bank Banca March was fined over over €600,000 for serious AML breaches and UK Lords urged the FCA to drop ‘name and shame’ proposals.
In the fast-paced world of sanctions, the U.S. is set to impose sanctions against the ICC.
In the corruption space, Dutch prosecutors called for an overhaul of anti-corruption laws.
We round off this week’s roundup with an opportunity to register for our latest webinar, “The Future of KYC Remediation – Challenges and Priorities.”
KYC & AML
Financial firms urged to invest strong earnings in AI fraud defences
BaFin President Mark Branson has urged financial institutions to use their strong 2024 earnings to bolster defenses against AI-enabled fraud. Highlighting risks from technologies like generative AI, Branson warned of sophisticated phishing threats that are harder to detect. He emphasised the need for continuous monitoring and adaptation of security measures.
UK Lords urge FCA to drop ‘name and shame’ proposals
A House of Lords report has called on the Financial Conduct Authority (FCA) to abandon its controversial ‘name and shame’ proposals, which would publicly identify firms under investigation before any wrongdoing is confirmed. The report argues that this approach could unfairly damage reputations and undermine trust in financial regulation.
Banca March fined over €600,000 for serious AML breaches
Spanish bank, Banca March faces a €605,424 fine from Spain’s Commission for the Prevention of Money Laundering and Monetary Offenses for significant AML breaches, including inadequate enhanced due diligence and failure to conduct a required special examination. Banca March is contesting the ruling.
Ireland’s Deputy CB governor calls for collective response to financial crime risks
Ireland’s Deputy central bank governor Derville Rowland, stressed the need for central banks to address evolving financial crime risks, citing the EU’s new Anti-Money Laundering Regulation (AMLR) aimed at standardising AML efforts across member states. Speaking at the Afore FinTech and Regulation conference, she highlighted that under the new AML package, virtual IBANs linked to other payment accounts must be recorded in national Bank Account Registers to enable law enforcement to trace fund movements effectively.
Canada and Mexico pledge to combat organised crime to pause US tariffs
Canada and Mexico have agreed to enhance efforts against organised crime to secure a one-month pause on proposed US tariffs. Canada will deploy new technology and personnel along its US border and boost cooperation on financial crime. Meanwhile, Mexico will reinforce its northern border with 10,000 National Guard troops to curb illegal migration and drug trafficking.
Sanctions
U.S. imposes sanctions against ICC
U.S. President Donald Trump has imposed sanctions on the International Criminal Court (ICC) through an executive order targeting officials involved in investigations of alleged US crimes. The order will authorize asset freezes and travel bans, aiming to deter what the administration views as politically motivated probes against the US and its allies such as Israel.
Corruption
Dutch prosecutors call for overhaul of anti-corruption laws
Dutch prosecutors have urged the government to reform the country’s anti-corruption laws to make it easier to prosecute public officials. The Netherlands is the only country in Europe where “trading in influence” is not considered a criminal offence.
KYC360 News
Webinar: The Future of KYC Remediation
Join Tom Devlin, CCO and Co-Founder at KYC360, as he explores how financial institutions can future-proof their KYC remediation strategies through automation and explores the key priorities and challenges for organisatons in 2025.
📅 Date: 27th February 2025
🕒 Time: 3:00pm - 4:00pm (UK Time/GMT)
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
KYC360 Weekly Roundup - 14th February 2025
KYC360 Weekly Roundup - 7th February 2025