KYC360 Weekly Roundup

Published on Feb 04, 2022

FCA could use more criminal powers after NatWest case

In the first roundup of the month: FCA could use more criminal powers after NatWest case, Seychelles fighting corrupted past, Pilatus licence denied and China launches three-year anti money laundering campaign.

FCA could use criminal powers in more AML probes after NatWest case

“For all these reasons, a concerted effort by the FCA to pursue more criminal investigations into money laundering should alarm the financial services industry. These cases will likely continue to be the exception rather than the norm, but they do underline the regulator’s determination to respond to calls for it to take a more aggressive line on money laundering.”

Is the Financial Conduct Authority about to up the ante on its approach to tackling money laundering? David Prosser investigates the potential ramifications from the historic NatWest case.

Seychelles: Reclaiming Paradise from Corruption

“In 1995, Seychelles passed the Economic Development Act, granting broad immunity from prosecution and extradition to foreigners investing more than $10 million, a literal carte blanche to launderers looking to channel their illegal proceeds to a safe haven. Bowing down to international pressure, the law was repealed in 2000.”

Seychelles has a long history intertwined with corruption. However, despite another scandal breaking earlier this year, not all hope is lost as the nation pushes to move on from its troubled past.

Pilatus Bank’s licence reapplication thrown out of court

A European court has thrown out the controversial bank’s attempt to regain its licence. The application had sought to annul the decision made in 2018 by the European Central Bank to withdraw Pilatus Bank’s license.

UK foreign affairs committee launches ‘dirty money’ inquiry

The UK foreign affairs committee has launched its inquiry: ‘Responding to illicit and emerging finance’. The inquiry is set to look at the challenge that illicit finance is bringing to UK shores as well as the impact of the emerging digital economy and fintech innovations.

Credit Suisse faces £33.7m claim in money laundering case

With a money laundering trial set to begin on the 7th of February, Swiss prosecutors are looking to pursue 42.4 million Swiss francs (£33.7m) in compensation. The bank had been indicted by the Office of the Attorney General (OAG back in December 2020 after an investigation into the activities of a Bulgarian crime ring.

HP wins multibillion-dollar fraud case

HP (Hewlett Packard) sued their former CFO and founder after claiming they had “artificially inflated” Autonomy’s reported revenues and revenue growth. The conclusions of the case come more than two years after the trial started.

$8.6 billion laundered through crypto by criminals in 2021 according to new report

In the most recent report by Chainanalysis, it was revealed that the valued amount of laundered crypto had risen to $8.6billion in 2021 – a 30% rise from 2020. Frauds and scams continued to be the main source of crypto crime with wallets associated with theft sending their stolen funds to DeFi applications amounting to over $750m worth of digital assets in total.

NFT money laundering, small but growing sector

Also mentioned in the report by Chainanalysis, is the process of money laundering through the buying and selling of NFTs. Although the tracked amount was small (around $1.4million) in Q4 of 2021, the amount was a significant increase from Q1 that year.

China launches three-year anti money laundering campaign

China has launched a three-year AML campaign in an attempt to safeguard national security and social stability. The campaign involves eleven government bodies with the Peoples Bank of China leading the charge.


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