Top stories this week:
U.S. Treasury Halts Enforcement of Beneficial Ownership Requirements | Four Individuals Convicted in £266 Million UK Money Laundering Case
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 U.S. Treasury halted enforcement of beneficial ownership reporting requirements for U.S. businesses and four UK individuals were convicted in a £266 million money laundering case.
In the fast-paced world of sanctions, the UK lifts sanctions against Syria’s central bank and the U.S. considers easing sanctions against Russia.
In the corruption space, a former Milan urban planning official was arrested amid corruption allegations.
We round off this week's roundup with details of our latest recognition as a leading technology vendor by Chartis Research.
KYC & AML
U.S. Treasury halts enforcement of beneficial ownership reporting requirements
The U.S. Treasury has announced it will no longer enforce Beneficial Ownership Information (BOI) reporting requirements for U.S. businesses under the Corporate Transparency Act. The move follows legal challenges and concerns from small businesses over compliance burdens.
Four individuals convicted in £266 million UK money laundering case
Four men have been convicted of laundering £266 million through a complex criminal operation between 2017 and 2019. The scheme used fraudulent business transactions to move illicit funds through multiple companies. West Yorkshire Police described it as one of the UK’s largest money laundering cases.
AUSTRAC releases statement on AI use
AUSTRAC, Australia’s AML/CTF regulator and financial intelligence unit, has published a transparency statement which outlines its use of AI in financial crime detection. The authority has emphasised its commitment to ethical AI use and compliance with Australian privacy laws. AUSTRAC stressed that human oversight remains essential in decision-making processes to maintain accountability and integrity.
Aspire Global fined £1.4 million for social responsibility and AML failings
The UK Gambling Commission has fined Aspire Global £1.4 million for serious social responsibility and AML failures. The regulator found that the gambling operator failed to identify and intervene with at-risk customers and did not conduct sufficient financial checks.
Sanctions
UK lifts sanctions on Syria’s central bank
The UK government has lifted asset freezes on 24 Syrian entities, including the Central Bank of Syria and several energy companies. Officials stated the decision aligns with updated policy considerations but stressed that broader sanctions on Syria remain in place.
U.S. considers easing sanctions against Russia
The U.S. is exploring options to reduce US sanctions on Russia, with officials assessing potential economic and diplomatic consequences.
Corruption
Former Milan urban planning official arrested amid corruption allegations
Italian prosecutors have arrested Giovanni Oggioni, a former senior official in Milan’s urban planning department, on charges including bribery, forgery and deception. The investigation alleges a network of corruption that enabled the illegal approval of building permits in exchange for personal benefits.
KYC360 News
KYC360 ranked #37 in Chartis FCC50
KYC360 is proud to be recognised by Chartis Research as a leading provider of RegTech solutions, ranking #37 in the 2025 Financial Crime and Compliance 50 Report. The FCC50 evaluates the top 50 vendors in financial crime prevention technology, assessing market influence, technological innovation and strategic vision.
Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.
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