KYC360 Weekly Roundup - 15th Sep 2023

Published on Sep 15, 2023

Regulators Target Crypto Sector

In our anti-money laundering news this week, Europol issues its first ever financial crime report. It goes into detail about the scale and extent of how criminals are using financial crime within the EU. There’s also a useful summary of international corruption activity for August.

We’ve news on how to prepare for the US Corporate Transparency Act and how the gaming industry is gearing up to address the increasing threat of money laundering to its operations.

In crypto news, the G20 ratifies the IMF and FSB crypto regulatory approach that we detailed last week and the FCA clarifies their approach to implementing new crypto marketing regulations that start next month.

To complete this week’s Roundup, we provide you with further money laundering, fraud, corruption and bribery updates from around the world. In addition, the latest sanctions news as the EU updates its FAQs on Russian sanctions imports.


Financial_ServicesMoney Laundering, Fraud & Corruption

Europol publishes its first financial and economic crimes threat assessment report

Europol’s ‘The other side of the coin: an analysis of financial and economic crime in the EU’ report is its first look into activity that sustains the finances of criminals worldwide. Key findings include extensive use of money laundering, corruption and illegal business structures. You can download it here.

Top 10 international anti-corruption developments for August

Here’s a summary for legal professionals of the most important anti-corruption developments from the past month.

ICA partners with Egyptian Compliance Society (ECS)

The International Compliance Association (ICA) has partnered with its Egyptian counterpart to provide education in regulatory and financial crime compliance in Egypt and the region.


RequirementsLegislation, Regulation and Sustainability

Preparing for the US Corporate Transparency Act (CTA)

The US CTA becomes effective on 1 January 2024. Designed to curb money laundering, terrorism financing, and other illicit activities, it imposes a new obligation on millions of business entities to report and maintain current information on their beneficial owners with the US Treasury’s Financial Crimes Enforcement Network (FinCEN).

The need for standardisation and tools to report on ESG

Diverging reporting standards are harming the adoption of ESG across global industry. That’s the verdict of industry leaders at a Reuters conference in London last week.


Gambling_GamingGaming and Gambling

BGC focuses on safer gambling at Gambling AML Group Training Day

The UK’s Betting and Gaming Council held their second Gambling Anti-Money Laundering Group (GAMLG) Training Day to share best practice and discuss the AML issue in detail. The day included talks from the Gambling Commission’s Senior Manager Jamie Colley on AML compliance and Harri Gwynllyw, Senior Officer at the UK Financial Intelligence Unit who spoke to the group about SAR best practices.

Swedish online gambling trade body support government plans for increased AML fines

The Branschföreningen för Onlinespel (BOS) trade body has announced support for money laundering penalties to be raised to the same level as those for violating Sweden’s Gambling Act. If approved by the Swedish parliament, these new rules would come into effect on 1 April 2024.

Australia looks to ban use of credit cards for online gaming

The Australian Government’s Interactive Gambling Amendment (Credit and Other Measures) Bill 2023 seeks to prohibit the use of credit cards for online gaming and newly emerging products in the future. Communications Minister Michelle Rowland says the measure is an important step toward protecting the Australian people from harm.


Crypto-1Crypto & Virtual Assets

G20 nations endorse IMF and FSB crypto regulation guidelines

We reported last week on the IMF and FSB coordinating their crypto regulation response. This has now been endorsed by the G20 nations at their event in Delhi as published in the Delhi Declaration. They welcomed the IMF-FSB Roadmap for a coordinated policy on crypto risks, including money laundering and terrorism financing, especially in emerging economies.


FCA clarifies expectations ahead of new crypto marketing rules coming in October

The UK Financial Conduct Authority’s (FCA) new rules on the marketing of cryptoasset products come into force on the 8th October. They’re designed to make marketing clearer, implement a 24-hour cooling-off period and ban incentives such as ‘refer a friend’ bonuses. The FCA has announced it will provide more time to implement some of the changes.



EU updates Russia sanctions FAQ on imports

FAQs updated include those about whether Russian tourists can bring goods and vehicles into the EU.


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