KYC360 Weekly Roundup - 24th Nov 2023

Published on Nov 24, 2023

Top stories this week: 

Binance CEO admits money laundering charges | Regulation in the age of AI | Creating a circular green economy

Welcome to this week’s AML Roundup. Anti-money laundering news this week has been dominated by Changpeng Zhao, now former CEO of the world’s largest cryptocurrency exchange Binance, who this week pleaded guilty to money laundering charges in the US. The company faces some of the largest fines ever to be imposed and he will face sentencing in February.

A four-year project by the EU proposes a globally coordinated approach to sourcing raw materials to achieve a circular green economy and a UN report suggests that a small change in AML laws could have a major impact against human trafficking. There’s also news on how registers of beneficial owners are being handled across the EU and the FCA discuss how regulation is changing in an age of AI.

Crypto news covers the aftermath of the introduction of EU crypto regulations and the impact they’re having. In gambling news, Belgian operators come together to sign a new duty-of-care agreement for their players.

To complete this week’s Roundup, we provide you with further money laundering, fraud, corruption and bribery updates from around the world. In addition, there is sanctions news from the UK Export Control Joint Unit who have updated their guidance for exporters on strategic export controls for goods, software or technology.


Financial_ServicesMoney Laundering, Fraud & Corruption

Binance CEO resigns after pleading guilty to money laundering charges

Changpeng Zhao has resigned as CEO of the world’s largest cryptocurrency exchange Binance, after admitting money laundering violations. The US Justice Department said Binance help users bypass sanctions around the world and that it was requiring the company to pay $4.3bn in penalties as a result. Zhao faces up to 18 months in prison and will be fined $50m.

Australia’s Perth Mint reaches money laundering deal with government after audit

After a nine-month audit undertaken by the Australian Transaction Reports and Analysis Centre (AUSTRAC) that found non-compliance with money laundering regulations, the world’s biggest producer of newly mined gold, the Perth Mint, has entered into an agreement with the country’s financial intelligence agency to fully comply.

Money laundering trends in the insurance sector

According to a recent report, two-thirds of insurers say they’ve experienced fraud or financial crime in the past 12 months. This blog looks into the four major money laundering trends they face.

UN University Centre for Policy Research says small change in AML laws would have big impact against human trafficking

The UNU-CPR’s latest report argues that making benefitting from human trafficking a predicate offense to money laundering, would close the gap between the money these crimes generate and the small amount of compensation paid to victims and survivors. They argue that criminals would see the risks as too high once they realise their profits would be seized and confiscated.


RequirementsLegislation, Regulation and Sustainability

One year on, calls for EU beneficial owner register rules to be harmonised

One year ago, rules in the 5th Anti-Money Laundering Directive (AMLD5) that guaranteed access to beneficial owner information across the EU, were curtailed after a judgement in the Court of Justice of the European Union (CJEU). This article looks at the current state of play and why there are calls for rules to be harmonised.

FCA discusses regulation in the age of AI

In an interview with the BCS (the chartered institute for IT), senior regulators Nathalie Lowe and Dr Henrike Mueller from the FCA discuss how AI is changing the regulatory environment.

US, UK, EU and Japan fail in attempts to stop the creation of a new UN tax body

A new UN convention to set global rules on tax and illicit financial flows will be created even after a campaign by major developed nations to stop it. At a vote in New York on Wednesday, the Kenyan-tabled ‘promotion of inclusive and effective international tax co-operation’ resolution was passed by 125 votes to 48.

UEU-funded RE-SOURCING project proposes a globally coordinated approach to sourcing raw materials to achieve a circular green economy

A four-year, EU-funded, RE-SOUCING project has published a report that proposes adopting the global vision of a circular economy and reduced resource consumption by 2050. The report outlines a series of interim milestones and targets for three key industrial sectors: renewable energy, mobility, and electric and electronic equipment.


Gambling_GamingGaming and Gambling

Gambling operators in Belgium promote consumer duty-of-care

Members of the Belgian Association of Gaming Operators (BAGO) have come together to sign a new duty-of-care agreement designed to safeguard payers from excessive gambling and harm.


Crypto-1Crypto & Virtual Assets

Why haven’t EU crypto regulations seen wider crypto adoption?

Earlier this year, the EU’s Markets in Crypto-Assets Regulation (MiCA) regulations came into force. Similar regulations are being proposed in the UK and other jurisdictions. This article looks at why the creation of a safer crypto market hasn’t yet seen wider adoption of crypto products and services.



UK ECJU publishes new guidance on strategic export controls

The UK Export Control Joint Unit has updated its guidance on strategic export controls for those who transfer goods, software or technology. It explains who the control lists apply to and how exporters need to remain within the law.


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