Top stories this week:
UK Regulator Set to Reduce Maximum Refund for Victims of Banking Fraud | KPMG Reports Rise in UK Money Laundering Prosecutions
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 UK regulator is set to reduce the maximum refund for victims of banking fraud, while KPMG has reported a rise in UK money laundering prosecutions. Meanwhile, Lebanon risks being placed on the FATF grey list.
In the fast-paced world of sanctions, the U.S is set to impose further sanctions against Russia and several non-EU countries have aligned themselves with the renewed EU terrorist list.
In the corruption space, former Lebanon central bank governor was arrested in a corruption probe.
We round off this week’s roundup with a chance to read “The Definitive Guide to KYC Remediation”, which details the key challenges of remediation and how financial institutions can overcome them.
KYC & AML
UK regulator set to reduce maximum refund for victims of banking fraud
The UK’s Payment Systems Regulator (PSR) plans to lower the cap on refunds for victims of authorized push payment (APP) scams from £415,000 to £85,000, starting October 7, 2024. The new measures aim to strike a balance between consumer protection and incentives for banks to improve their fraud prevention systems.
KPMG reports rise in UK money laundering prosecutions
KPMG has reported a notable increase in UK money laundering cases reaching court, marking progress in the fight against illicit finance. This uptick reflects strengthened efforts by authorities to clamp down on financial crimes, with over £100 million involved in cases prosecuted this year.
Lebanon risks being placed on FATF grey list
Lebanon faces the possibility of being added to the Financial Action Task Force (FATF) grey list due to insufficient measures against illicit finance. A FATF review is due within the next few weeks. This comes amid ongoing corruption investigations, including the arrest of former central bank governor Riad Salameh.
U.S. Treasury loosens AML rules for investment advisors and real estate agents
The U.S. Treasury has issued final rules easing AML requirements for investment advisors and real estate agents, reducing compliance burdens. This adjustment aims to streamline regulatory obligations while maintaining effective oversight in these sectors.
Sanctions
U.S. set to impose further sanctions against Russia
The Biden administration plans to impose additional sanctions on Russia, accusing it of attempting to manipulate U.S. public opinion ahead of the 2024 elections. These measures aim to counter perceived foreign interference in the democratic process.
Non-EU countries align with renewed EU terrorist list
Several non-EU countries have agreed to align with the EU’s renewed terrorist list, which outlines specific measures to combat terrorism. This move reinforces international cooperation in countering global security threats.
Corruption
Former Lebanon central bank governor arrested in corruption probe
Lebanon’s former central bank governor, Riad Salameh, has been arrested in connection with a corruption investigation. This arrest is part of broader efforts to tackle corruption and restore public trust in Lebanon’s financial and governance systems.
KYC360 News
The Definitive Guide to KYC Remediation
Remediation can be a daunting and resource-intensive task for financial institutions, especially under tight deadlines from regulators and with a large customer base. The Definitive Guide to KYC Remediation takes an in-depth look into the challenges of remediation, the role of automation technology and outlines strategies for success.
Learn more
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