KYC360 Weekly Roundup - 10th May 2024

Published on May 10, 2024

Top stories this week: 

Singapore Wealth Management Firm Swiss-Asia Fined $2.5m for AML Breaches | Australian Government to Invest AUD 166.4 Million to Shore up AML defences | EU Considers Sanctions Against Russian Funding of Political Parties and Think Tanks

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 a $2.5m fine for Singapore Wealth Management firm Swiss-Asia for AML breaches, the Australian government announcing an investment of AUD 166.4 million to shore up AML defences and Turkey awaiting a decision from the FATF on a potential grey list removal.  

In the fast-paced world of sanctions, the EU is deliberating their 14th package of sanctions against Russia and Belgium has called on the EU to sanction imports from Israeli-occupied territories.  

In the corruption space, the Maltese political establishment has been rocked by corruption charges and Malawi drops corruption charges against their vice-president.  

We round off this week’s roundup with an opportunity to access our latest guide, '2024 Gambling Playbook: Compliance as a Competitive Advantage'.  

Financial_ServicesKYC & AML

Singapore Wealth Management firm Swiss-Asia fined $2.5m for AML breaches 
The Monetary Authority of Singapore (MAS) stated that the firm breached its AML and countering of terrorism financing requirements. In addition, the CEO and COO were reprimanded in relation to the breaches 

Former bank employee accused of recruiting 40 money mules 
The suspect was working for one of Ireland's biggest banks and faces fraud charges related to recruiting money mules to open bank accounts and withdrawing money from them. The arrest is part of "Operation Skein", which was launched in 2020 and aims to target fraudsters involved in online scams. 

Australian government to invest AUD 166.4 million to shore up AML defences 
This investment comes amid fears that the country is at risk of being 'grey listed' by the Financial Action Task Force (FATF). The funds will support the country in reforming its AML and CFT regime and supporting law enforcement partners in fighting financial crime.  

FATF visits Turkey ahead of grey list decision  
The country was put on the Financial Action Task Force (FATF) ‘grey list’ in 2021 and a team from the task force recently met with Turkish authorities ahead of an expected decision next month.  

FCA surprised by industry reaction to ‘name and shame’ proposals  
Chair of the Financial Conduct Authority (FCA), Ashley Alder, said he was not expecting such a stern reaction to proposals that would ‘name and shame’ financial firms under investigation. The FCA also confirmed that no decision has yet been taken.  

SanctionsSanctions

EU considers sanctions against Russian funding of political parties and think tanks 
The EU’s 14th package of sanctions against Russia are expected to be introduced in the coming months and could include a ban on all political parties and think tanks to accept funds from Russia. The bloc is also considering sanctions against Russia’s liquified natural gas (LNG) sector.  

Belgium calls on EU to sanction imports from Israeli-occupied territories  
With reports of rising settler violence against Palestinians in occupied territories, Belgian Prime Minister Alexander De Croo urged the EU to impose sanctions on imports. The EU has already sanctioned four extremist settlers and two groups accused of human rights abuses, but this new request is unlikely to receive backing from all EU members.  

CryptoCorruption

Malawi drops corruption charges against vice-president  
Vice-President Saulos Chilima was charged in November 2022 for his alleged involvement in corruption involving government contracts. The state prosecutor has dropped all the charges and no specific reasoning has been given for the decision.  

Maltese political establishment rocked by corruption charges 
The charges relate to a 2015 hospital concession deal that was granted under former Prime Minister Joseph Muscat. Malta Central Bank Governor Edward Scicluna and Deputy Prime Minister Chris Fearne, who both served under the former PM, are set to face corruption charges. 

Gambling_GamingGaming and Gambling

Bulgaria set to ban gambling advertising  
The government voted to ban nearly all forms of gambling advertising, with operators facing fines of up to BGN 50,000 (£21,842) and repeat offenders facing the threat of losing their license.  

Resources

KYC360 News

2024 Gambling Playbook: Compliance as a Competitive Advantage 
Learn how to unlock compliance as a growth enabler with the '2024 Gambling Playbook: Compliance as a Competitive Advantage'. Discover how to navigate regulatory complexity, balance compliance with commercial objectives and leverage technology to scale compliance processes.  
Read now

 

Advance your CPD minutes for this content,
by signing up and using the CPD Wallet

Get started

Catch up on previous KYC360 Roundups

Your latest weekly update from the worlds of money laundering, legislation and regulation, sustainability, gaming and gambling, crypto and sanctions.

KYC360 Weekly Roundup - 17th May 2024  
Roundup

KYC360 Weekly Roundup - 17th May 2024

Top stories this week: Almost 40% Of Dirty Money is Laundered in London and Crown Constituencies | U.S. Financial Watchdogs Propose New AML Rules for Fund Advisors
KYC360
May 17, 2024
KYC360 Weekly Roundup - 10th May 2024  
Roundup

KYC360 Weekly Roundup - 10th May 2024

Top stories this week: Singapore Wealth Management Firm Swiss-Asia Fined $2.5m for AML Breaches | Australian Government to Invest AUD 166.4 Million to Shore up AML defences
KYC360
May 10, 2024