KYC360 Weekly Roundup - 12th Jan 2024

Published on Jan 12, 2024

Top stories this week: 

AML failures by a top law firm | Debate on the effectiveness of Russian sanctions | China’s Xi announces major crackdown

Welcome to our first new look KYC Roundup of 2024. In the AML arena we have details of admitted AML failures by top law firm Clyde & Co and news that Canada’s regulator is embracing AI to identify bad actors.

In the fast-paced world of sanctions there is ongoing debate about the effectiveness of Russian sanctions and an allegation that prominent oligarch Oleg Deripaska was able to bypass sanctions.   

In the corruption arena China’s Xi announces a major crackdown on businesses engaged in corrupt practices and in Nigeria and Haiti prominent politicians are accused of bribery.

In the world of gaming Gamesys is fined £6m for a series of social responsibility and AML failings.

We round off with a link to a video that explains the modular KYC360 customer lifecycle risk management platform including customer onboarding, screening and pKYC.


Financial_ServicesKYC & AML

Crypto companies fined $5.8bn

Crypto and fintech companies were fined a total of $5.8 billion in 2023 due to various violations. These penalties were imposed by regulatory authorities worldwide, including the US, Europe, and Asia.

Major AML failures from a leading shipping law firm

A leading shipping law firm has admitted to breaching anti-money laundering regulations and has taken steps to rectify the situation. This highlights the importance of combating money laundering in the shipping industry.

FINTRAC, plans to use AI technology to combat financial crimes and bad actors

Canada's anti-money laundering body, FINTRAC aims to develop advanced analytics capabilities to detect suspicious transactions and patterns, aligning with international standards and strengthening Canada's anti-money laundering regime.

Former TD employee charged with money laundering

TD Bank, one of Canada's largest banks, failed to report suspicious transactions and potential money laundering activities by its employees, raising concerns about its compliance with anti-money laundering regulations.

Trends to watch in 2024

Take a look at the key trends in financial crime compliance for 2024, including the use of technology, collaboration, and cybersecurity, to combat money laundering and terrorist financing.



The softening oil market could lead to the imposition of tougher sanctions on Russia

The decline in oil prices has weakened Russia's economy, making it more vulnerable to sanctions. The US and its allies have been considering stricter measures to punish Russia for its aggressive actions. These potential sanctions could target Russia's energy sector, including its oil and gas exports. However, there are concerns that such measures could also harm global energy.

Tackling Russian Sanctions Evasion 

There is increasing enforcement actions by global sanctioning authorities and the potential for impact on businesses in the new year. There is a growing trend of collaboration among authorities and the use of technology to detect and punish violations. 

China has announced sanctions on five US defense companies

The sanctions are due to their involvement in arms sales to Taiwan. This move comes as tensions between China and the US continue to escalate. The sanctioned companies include Lockheed Martin, Boeing Defense, Space & Security, and Raytheon. 

Kazakhstan's government may have purchased a private jet from Russian billionaire 

A recent report suggests that Kazakhstan's government may have purchased a private jet from Russian billionaire Oleg Deripaska, potentially violating international sanctions. The alleged deal raises questions about how Kazakhstan managed to bypass these sanctions and highlights the country's ongoing struggle to balance its relationships with Russia and the West.

Faster payments could weaken sanctions against Russia 

Experts have warned that the G20's push for faster payments could weaken sanctions against Russia. The G20 is aiming to improve cross-border payments by reducing transaction times and costs. However, critics argue that this could make it easier for Russia to evade sanctions, as faster payments would make it harder to track and block illicit transactions.


China's President Xi cracks down on corruption

China's President Xi Jinping has launched a new campaign against corruption, targeting both high-ranking officials and ordinary citizens. This move comes as part of Xi's broader efforts to consolidate his power and maintain control over the Communist Party. The anti-corruption campaign has already resulted in the punishment of several officials, including those close to Xi's political rivals. 

Former presidents and prime ministers  in Haiti are accused of corruption 

The country's anti-corruption unit has accused several high-ranking officials of embezzlement, bribery, and money laundering. The allegations involve misappropriation of funds intended for social programs and infrastructure development. 

Sadiya Umar Farouq, humanitarian minister for Nigeria, suspended following corruption allegations

Nigerian President Muhammadu Buhari has suspended his country's Minister of Humanitarian Affairs, Disaster Management, and Social Development, Sadiya Umar Farouq, following corruption allegations. The suspension comes after an investigation into the misappropriation of funds meant for humanitarian aid and social development programs.

Michael Gove, has refused to set a deadline for an investigation into alleged corruption surrounding the Tees Freeport project

The investigation aims to determine whether political influence was used to secure the freeport status for the area. Gove's refusal to provide a timeline has raised concerns among opposition politicians, who argue that a delay could hinder transparency and accountability. 

The upcoming civil corruption trial of Wayne LaPierre, the CEO of the National Rifle Association (NRA)

LaPierre is facing allegations of misusing the organization's funds for personal expenses, including luxury travel and clothing. The trial is expected to shed light on the inner workings of the NRA and its financial practices. The case is seen as a significant blow to the influential gun rights organization, which has faced criticism and internal turmoil in recent years.

Gambling_GamingGaming and Gambling

Gamesys fined £6m for social responsibility and anti-money laundering (AML) failings

The UK Gambling Commission has fined online gambling operator Gamesys £6m for failing to prevent gambling harm and money laundering. The commission found that Gamesys had not implemented effective measures to prevent harm to customers. 

Denmark's gambling regulator, Spillemyndigheden, intensifies efforts to combat money laundering 

The regulator has increased its focus on anti-money laundering (AML) measures, aiming to ensure that operators comply with strict regulations. Spillemyndigheden has implemented a range of measures, including enhanced monitoring and reporting requirements, to detect and prevent any suspicious financial activities. 

KYC360 News

RiskScreen rebrands as KYC360 - Unveiling a Comprehensive Customer Lifecycle Management Platform

This week we've proudly unveiled our new identity as KYC360, a name that echoes our commitment to revolutionising the landscape of Customer Lifecycle Management helping our customers to ‘Comply and Outperform’.

Our journey from RiskScreen to KYC360 signifies more than just a name change; it represents a transformative shift towards a comprehensive, end-to-end solution for KYC needs including modular customer on-boarding, screening and perpetual KYC solutions.  For more information, read the press release here.


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