KYC360 Weekly Roundup - 13th Oct 2023

Published on Oct 13, 2023

Top stories this week: 

New FinCEN director outlines priorities | Companies House data reforms | FCA’s crypto marketing rules come into force

Welcome to this week’s AML Roundup. In our anti-money laundering news this week, the newly appointed director of the US regulator FinCEN speaks about the priorities for the organisation. Kenya takes on leadership of the regional AML body for East Africa and the former central bank governor of Burundi has been arrested on money laundering charges.

We’ve news on the data improvements the new Economic Crime and Corporate Transparency Bill will bring to Companies House and an update on the 146 alerts issued by the FCA, to companies on the first day of its new digital asset promotion regulations coming into force. In ESG news we’ve details on the new European Green Bond (EuGB) label to help identify green investments.

Crypto news includes how Cyprus is tightening its regulations for cryptocurrency services. In gambling news, the US American Gaming Association says the industry raises $329bn each year and supports 1.8 million jobs for the US economy.

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 news on possible sanctions on Iran if the country is found to have been involved in the recent attacks on Israel.


Financial_ServicesMoney Laundering, Fraud & Corruption

Andrea Gacki, FinCEN Director discusses regulator’s latest AML initiatives

The recently appointed Director of the Financial Crimes Enforcement Network (FinCEN), Andrea Gacki has tackled several issues in a recent conference speech including beneficial ownership under the Corporate Transparency Act, the real estate industry, investment advisers, fentanyl trafficking and whistleblowers under the Bank Secrecy Act. You can read more of the speech here.

Kenya takes on leadership of regional AML body

Kenya takes over leadership of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) from next year. The ESAAMLG is established by the Financial Action Task Force (FATF) to combat money laundering, terrorist financing and the proliferation of weapons of mass destruction in the region.

Top bank official arrested in Burundi over money laundering allegations

Dieudonné Murengerantwari the former central bank governor of Burundi has been arrested on money laundering charges. The charges are currently provisional and he’s made no comment over the allegations.


RequirementsLegislation, Regulation and Sustainability

Companies House reforms coming through the Economic Crime and Corporate Transparency Bill

The bill which is next due in the House of Lords on the 18 October, proposes major changes to improve data reliability at Companies House to counter money laundering and fraud. The reforms include identity verification, digital submission of accounts and a complete registered office address and email address for all companies.

EU Parliament approves new voluntary standard for a “European Green Bond” label

The regulation defines uniform standards to issuers who wish to use the “EuGB” label for marketing of their bond. This will enable investors to have greater confidence in the green credentials for investments they’d like to make. This will support the EU’s transition to net zero and increase interest for this type of ESG investment.


Gambling_GamingGaming and Gambling

Gambling Commission calls for more collaboration between regulators

Tim Miller, executive director of the GB Gambling Commission in a speech this week, called for global regulators to work together to strengthen their overall impact and create a safer environment for customers.

AGA says gaming industry contributes $329bn to US economy annually

The US gambling industry association, the American Gaming Association, has published a new study that sizes the annual economic impact of legalised gambling across the country. As well as the headline figure, the report cites the industry as supporting 1.8 million jobs, directly employing 700,000 people and generating $52.7bn in tax revenue.


Crypto-1Crypto & Virtual Assets

The FCA’s long awaited rules on marketing promotion of crypto assets come into force this week

The Financial Conduct Authority’s (FCA) has issued 146 alerts to companies on the first day of new regulations on digital asset promotions coming into force. The new rules bring crypto promotion in line with rules applying to more traditional financial assets. From 8 October it has become a criminal offence for an unlicensed company to promote crypto products to consumers in the UK.

Cyprus issues strictly penalties for crypto businesses that fail to register with their authorities

Cyprus is tightening its regulations for cryptocurrency service providers (CSPs) to include penalties for non-registration with a fine of up to €350,000 and the possibility of imprisonment for up to five years.

The Ministry of Finance is set to update the country’s money laundering laws to bring them into line with the EU’s MiCA regulations based on standards established by the Financial Action Task Force (FATF).



US and IMF refuse to rule-out new sanctions on Iran

Following the attack on Israel by Hamas at the weekend, the U.S. Treasury Secretary Janet Yellen has pledged support for Israel “in any way that’s necessary”. On the question of new sanctions on Iran if evidence emerged they were involved in the attack, she said “This is something that we have been constantly looking at, and using information that becomes available to tighten sanctions. We will continue to do that.”


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