KYC360 Weekly Roundup - 05th Apr 2024

Published on Apr 05, 2024

Top stories this week: 

Over £2.6bn Lost to Investment Fraud Since 2020 | Former Head of FTX Sam Bankman-Fried Sentenced to 25 Years in Prison | Singapore Launches AML Information-Sharing Platform | Russia Vetoes UN Panel Monitoring North Korea Sanctions  

Welcome to this week’s edition of the KYC Roundup - your gateway to the most impactful developments in the world of Anti-Money Laundering and financial crime. In the AML arena, the top stories feature billions of losses recorded to scams and fraud, former head of FTX Sam Bankman-Fried being sentenced to 25 years in prison and Singapore launching an AML information sharing platform.  

In the fast-paced world of sanctions, The Czech Republic sanctioned a pro-Russia news website and Russia vetoed a UN panel monitoring North Korea sanctions.  

In the corruption space, Indian politician Sanjay Singh was granted bail in a money laundering case and ex-football chief Luis Rubiales was arrested in a corruption investigation.  

We round off this week’s roundup with an opportunity to watch our winners' video where we discuss why KYC360 won the category award for Wealth Management in the Chartis Financial Crime and Compliance 50® report and how we continue to set new benchmarks in the industry.  

Financial_ServicesKYC & AML

Over £2.6bn lost to investment fraud since 2020 
In the UK there were 98,525 victims of investment fraud between January 2020 and December 2023, amounting to £13 million a week in stolen funds. One of the most common methods of fraud was boiler room fraud, where the victims were encouraged to buy shares in worthless, near bankrupt or non-existent companies. Ponzi schemes were another common method of fraud.  

Singapore hands down first conviction in its biggest-ever money-laundering case  
More than $2.2 billion in assets were seized as part of the investigation and Defendant Su Wenqiang was sentenced to 13 months' imprisonment for two counts of money laundering. As part of the investigation, Singaporean authorities have set up a panel to review existing anti-money laundering measures and inspect financial institutions which could be involved in the case.  

Americans lost over $10 billion to scams last year 
The Federal Trade Commission (FTC) reports that this is an increase of more than $1 billion since 2011 and one of the top scams involved impersonation of federal government agencies. In response, the FTC is rolling out new measures to curb impersonation scams including those involving AI deepfakes.  

Former head of FTX Sam Bankman-Fried sentenced to 25 years in prison  
The former billionaire headed FTX which was one of the largest crypto exchanges in the world before it dramatically collapsed in 2022. Bankman-Fried stole billions of customer funds and was convicted by a New York jury last year for wire fraud and conspiracy to commit money laundering. His legal team will appeal against the conviction.  

Singapore launches AML information-sharing platform  
The Monetary Authority of Singapore (MAS) in collaboration with 6 banks have launched COSMIC, a common data platform that helps identify illicit activities and combat money laundering and terrorism financing. The banks will share data if a client or customer exhibits red flag behaviours.  

Argentina implements new regulations for crypto firms  
Crypto firms operating in Argentina will now need to register with the government to comply with anti-money laundering laws. This brings the country in line with recommendations from the FATF.  

Corporate Transparency Act leads to uncertainties in bankruptcy cases  
The Act which took effect at the start of the year in the U.S. aimed to prevent financial crimes, however, its application in corporate bankruptcies has created uncertainty. Firms are seeking clarity, especially when considering the harsh penalties applied for non-compliance.  


Czech Republic sanctions pro-Russia news website  
The news website, Voice of Europe is accused of spreading Russian propaganda. Two individuals linked to the website, Viktor Medvedchuk and Artem Marchevskyi, were also sanctioned by The Czech Republic. They are accused of approaching members of the European Parliament as part of an influence campaign.  

Russia vetoes UN panel monitoring North Korea sanctions 
UN Sanctions against North Korea will remain in place, however, a panel monitoring international compliance will halt its operations. 13 members of the council voted in favour of extending the mandate of the panel, with China abstaining from the vote.  


Indian politician Sanjay Singh granted bail in money laundering case  
India’s Supreme Court stated they had not recovered any illicit funds from the MP and the Opposition MP has denied the corruption allegations. Singh is one of several opposition politicians from the Aam Aadmi Party (AAP) who have been accused of taking bribes in exchange for granting liquor licenses.  

Ex-football chief Luis Rubiales arrested in corruption investigation  
The former president of the Spanish Football Federation was detained in Madrid on Wednesday and faces allegations of corruption related to the deal to host the Spanish Super Cup in Saudi Arabia.  

Former French Prime Minister Edouard Philippe has office searched in corruption probe 
The French politician who is the current mayor of Le Havre cooperated with authorities as they searched his mayoral office as part of a preliminary corruption investigation.  

Gambling_GamingGaming and Gambling

Dominican Republic paves the way for new regulated gambling regime  
Resolution 136-2024 will see the creation of regulations for online casino and sporting betting. Previously, only one company has held a license to operate in the country and this resolution is expected to increase competition in the market and raise tax revenue. The resolution includes a number of measures related to responsible gambling.   


KYC360 News

Watch our winners' video
KYC360 is thrilled to be recognised by Chartis Research as the category leader for Wealth Management. Watch Tom Devlin, the Chief Commercial Officer of KYC360 and Mark Feeley, Global Brand Director of Chartis Research discuss this monumental win and the transformative journey of KYC360. 
Watch now.


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