KYC360 Weekly Roundup - 2nd Feb 2024

Published on Feb 02, 2024

Top stories this week: 

Former Law Firm Partner Sentenced to 10 Years in Prison | US Government Proposes KYC Regulations for Cloud Providers | White House imposes sanctions on individuals in the West Bank through Executive Order

Welcome to this week’s edition of the KYC Roundup. In the AML arena articles cover the cryptocurrency scam, OneCoin where a former partner at a law firm has been sentenced to 10 years in prison for his involvement. Italian authorities uncover a €19 billion fraud scheme and the US government proposes KYC regulations for cloud providers.

In the fast-paced world of sanctions, the White House imposes sanctions on individuals in the West Bank through Executive Order. US and UK have imposed sanctions on Houthi leaders and entities and The EU and US have proposed imposing new economic measures against Russia, targeting key sectors such as energy, finance, and defence.

In the corruption space. former chairman of Qatar Airways has been sentenced to 5 years in prison for money laundering charges and Ukraine says it has uncovered major arms corruption. 

We round off this week’s roundup in the world of gaming where the former MGM Grand president pleads guilty to violating the Bank Secrecy Act in connection to alleged organized crime.


Financial_ServicesKYC & AML

Former Law Firm Partner Sentenced to 10 Years in Prison for Money Laundering in $400 Million OneCoin Fraud

A former partner at a law firm has been sentenced to 10 years in prison for his involvement in laundering $400 million in the OneCoin fraud. The man was found guilty of helping to create fake documents and accounts to facilitate the scheme. OneCoin was a cryptocurrency scam that defrauded investors of billions of dollars. 

Italian Authorities Uncover Massive €19 Billion Fraud Scheme Linked to Chinese Shadow Banking Network

Italian authorities have discovered a €19 billion fraud scheme connected to a Chinese shadow banking network. The investigation, named "CloudRider," exposed a network of over 100 shell companies allegedly used to transfer money illegally. 

US Government Proposes KYC Regulations for Cloud Providers to Enhance Security and Combat Criminal Activities

The US government is proposing new regulations that would require cloud providers to implement "know your customer" (KYC) requirements. This means that cloud providers would have to verify the identity of their customers and ensure they comply with anti-money laundering and counter-terrorism financing laws. 

London Trial Begins for Woman Accused of Laundering Billions in Bitcoin Tied to Chinese Fraud Case

A woman is being tried in London for allegedly laundering billions of dollars in Bitcoin linked to a Chinese fraud case. The accused is accused of converting the funds from the fraud into Bitcoin and then transferring them to various addresses. 

The Elusive Lazarus Group: Unveiling the Cybercrime Syndicate's Advanced Tactics and Money Laundering Schemes

Investigative journalist Geoff White sheds light on the operations of the Lazarus Group, a highly sophisticated cybercrime organization responsible for various cyber attacks and money laundering schemes. He highlights their use of advanced hacking techniques and financial manipulation to hide their illicit activities. 

Organized Crime Groups Exploit Student Loan Scheme Worth £60m, Raises Concerns Over System Vulnerabilities

According to a report from The Guardian, organized crime groups may be profiting from a student loan scheme worth £60m. The investigation revealed that criminals are exploiting vulnerabilities in the system, using fake identities to secure loans and diverting the funds for illicit activities. 

Man Pleads Guilty to International Money Laundering in Connection with Nigerian Romance Scams and Business Crimes

A man has plead guilty to charges of international money laundering. He was involved in Nigerian romance scams and business-related crimes. The man admitted to conspiring with others to defraud victims through online romance scams, where they posed as potential partners to gain money. 

Turkish Banker Pleads Guilty to $1 Billion Scheme to Evade New York's Money Laundering Regulations

A man has pleaded guilty to charges related to a $1 billion scheme to evade New York's money laundering regulations. The man, a Turkish banker, admitted to helping Iran move money through the U.S. financial system by disguising transactions. The scheme involved bribes and fake invoices to facilitate the process.



Houthi Rebels Vow to Keep Targeting Ships Linked to Israel, Defying Sanctions Imposed by US and UK

Houthi rebels in Yemen have pledged to persist in attacking ships associated with Israel, despite the recent imposition of sanctions by the US and UK. The rebels claim these ships are part of an Israeli blockade on Yemen. The US and UK imposed sanctions on Houthi leaders and entities for their alleged involvement in illicit activities and human rights abuses. 

The Potential Economic Impact of Proposed Sanctions on Russia Amidst the Ukraine Conflict

The European Union and the United States have proposed imposing new economic measures against Russia, targeting key sectors such as energy, finance, and defense. These measures aim to increase pressure on President Vladimir Putin's government and deter further aggression towards Ukraine. 

US and UK Impose Sanctions on Network Accused of Cyber Targeting Critics of Iran

The United States and Britain have jointly announced sanctions on a network accused of targeting critics of Iran. The network, known as the Islamic Revolutionary Guard Corps Quds Force (IRGC-QF), allegedly used cyber tools to target and intimidate individuals and organizations, including dissidents and journalists. The sanctions aim to deter such activities and hold the network accountable. 

Sanctions imposed on Individuals Threatening Peace, Security, and Stability in the West Bank through Executive Order

A press release from the White House announces an executive order issued by the President of the United States. The executive order imposes sanctions on individuals who are deemed to be undermining peace, security, and stability in the West Bank region. The purpose of these sanctions is to deter actions that could disrupt the peace process and jeopardize the security and stability of the region. The order affirms the commitment of the United States to promote peace and support efforts towards a two-state solution.



Global Anti-Corruption Efforts Hindered by Erosion of the Rule of Law, Report Finds

According to a watchdog organization, anti-corruption efforts worldwide are faltering due to a decline in the rule of law. The organization's report highlights how corruption persists in various sectors, undermining trust in governments and institutions.

Former Chairman of Qatar Airways Sentenced to Five Years in Prison for Money Laundering Charges

The former chairman of Qatar Airways has been sentenced to five years in prison for money laundering. Akbar Al Baker was found guilty of transferring funds through fake companies to evade taxes and conceal his wealth. The case highlights the ongoing efforts to combat money laundering and illicit financial activities globally. 

Ukraine Uncovers Major Arms Corruption

Ukraine's security service has uncovered corruption in an arms purchase worth about $40m (£31m).  The SBU said five senior people in the defence ministry and at an arms supplier were being investigated.

Head of Saudi Arabia's Royal Commission Arrested on Corruption Charges as Anti-Corruption Campaign Continues

The head of Saudi Arabia's Royal Commission, M. Amr bin Saleh Abdulrahman al-Madani, has been arrested on charges of corruption. The Royal Commission is responsible for developing and overseeing the economic city of NEOM. The arrest is part of the kingdom's ongoing anti-corruption campaign, which has seen several high-profile individuals detained. 

Gambling_GamingGaming and Gambling

Former MGM Grand President Pleads Guilty to Violating Bank Secrecy Act in Connection to Alleged Organized Crime

The former president of MGM Grand has pleaded guilty to a violation of the Bank Secrecy Act, which involved allowing a person to gamble large sums of money without reporting it. The individual in question was believed to be connected to organized crime. The guilty plea highlights the importance of adhering to financial regulations and reporting suspicious activities to combat money laundering and illegal transactions. 


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