KYC360 Weekly Roundup - 19th Jan 2024

Published on Jan 19, 2024

Top stories this week: 

Stricter regulation for cryptocurrencies | The impact of China's actions on Russia | Qatari Finance Minister sentenced to 15 Years in prison

Welcome to this week’s edition of the KYC Roundup. In the AML arena we look at stricter regulations set out by the EU on cryptocurrencies and a new report by Nasdaq shows that money laundering is a $3T problem.

In the fast-paced world of sanctions we explore the impact China’s actions are having on the Russian economy and new sanctions imposed by the EU on a political leader of Hamas in Gaza.

In the corruption arena Former Qatari Finance Minister has been found guilty of money laundering and Singapore Minister, Iswaran has been charged for receiving gifts worth over S$160,000.

We round off this week’s roundup in the world of gaming where North Korean hackers have been found exploiting Casinos to evade sanctions.


Financial_ServicesKYC & AML

EU Implements Stricter Regulations to Combat Money Laundering and Regulate Cryptocurrencies

The European Union (EU) has reached an agreement to implement stricter regulations against money laundering, with a particular focus on capturing cryptoassets. The new rules aim to combat the growing use of digital currencies for illicit activities. 

Former Bank Executive Pleads Guilty to Money Laundering Violations

The former executive of a bank has pleaded guilty to evading anti-money laundering regulations. The individual admitted to intentionally concealing information and failing to report suspicious transactions. 

Money laundering is a $3T problem says Nasdaq CEO

Nasdaq recently released a report on the state of the world's financial system, detailing financial crimes. In this video, Yahoo Finance’s Julie Hyman, Brian Sozzi from the World Economic Forum in Davos, Switzerland and Nasdaq (NDAQ) CEO and President Adena Friedman discuss this report.

Global Financial Crime Report: Insights at the Intersection of Financial Crime Data & Real Survivor Stories

A new report on global financial crime published by Nasdaq. The report highlights the increasing risks and challenges faced by financial institutions in combating financial crimes such as money laundering, fraud, and terrorist financing. 



China's Actions Have a Significant Impact on the Russian Economy

The Chinese government's decision to reduce imports of Russian goods, particularly energy products, has caused a decline in Russia's export revenue. This reduction in trade has been attributed to China's efforts to diversify its energy sources and decrease its dependence on Russia. 

EU Imposes Sanctions on Hamas Leader in Gaza for Alleged Involvement in Terrorism

The European Union (EU) has imposed sanctions on a political leader of Hamas in Gaza. The move comes as a response to the recent escalation of violence in the region. The EU accuses the leader of being involved in planning and carrying out terrorist attacks against Israeli civilians.

The Impact of Economic Sanctions on Digital Assets: Risks and Challenges

While economic sanctions have been a commonly used tool by governments to influence behaviour, they may have unintended consequences in the digital asset space. Digital assets, such as cryptocurrencies, are decentralized and can be difficult to control or regulate. This makes them attractive to individuals and entities seeking to evade economic sanctions.


Former Qatari Finance Minister Found Guilty of Money Laundering and Sentenced to 15 Years in Prison

A Qatari court has found the country's former finance minister guilty of money laundering and sentenced him to 15 years in prison. The court also ordered him to pay a fine of $15.5 billion. The ex-minister was accused of embezzling public funds and using his position to transfer the money abroad. 

Singapore Minister Iswaran Charged with Corruption

Singapore Minister Iswaran has been charged with corruption, which is a rare case in a country known for its clean governance. The corruption charges allege that he received gifts worth over S$160,000.

Gambling_GamingGaming and Gambling

The Importance of Know Your Customer (KYC) in the Gaming Industry

KYC procedures have become more stringent due to increasing regulations and the need to combat money laundering and terrorist financing. This has had an impact on players, such as longer registration processes and additional documentation requirements. 

North Korean Hackers Exploit Casinos and Southeast Asian Money Laundering Networks to Evade Sanctions

According to a report by the United Nations, North Korean hackers have been using money laundering networks spread throughout Southeast Asia to evade international sanctions. These networks are used to generate funds for weapons programs.  


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