KYC360 Weekly Roundup - 24th May 2024

Published on May 24, 2024

Top stories this week: 

Over £1bn Lost to Fraud Last Year in the UK | N26 Bank Fined 9.2 Million Euros by German Regulator | U.S. Treasury Considers Further Regulations to Curb Money Laundering Loopholes 

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 report revealing that over £1bn was lost to fraud last year in the UK, a 9.2 million euro fine for N26 bank and the U.S Treasury considering further regulations to curb money laundering loopholes. 

In the fast-paced world of sanctions, the EU is considering imposing sanctions against 10 individuals and entities supporting Iran and the U.S. mulls sanctions against ICC officials.  

In the corruption space, the former Malaysia PM denies involvement in corrupt practices and another high-ranking Russian official is arrested on corruption charges.  

We round off this week’s roundup with an opportunity to watch the full replay of our latest webinar, “Mastering Regulatory Complexity in Gaming and Gambling.”   

Financial_ServicesKYC & AML

Over £1bn lost to fraud last year in the UK 
The figure of £1.17 billion was down 4% from 2022, according to UK Finance. The number of romance scams rose to its highest level, whereas the number of cases involving impersonations of banks or the police dropped by 37 percent.  

N26 Bank fined 9.2 million euros by German regulator  
The fine relates to systematic lateness in filing reports of suspected money laundering in 2022. The bank responded that they have since addressed these issues and improved their reporting processes.  

U.S. financial watchdogs propose new AML rules for fund advisors  
The U.S. Securities and Exchange Commission and the Financial Crimes Enforcement Network (FinCEN) have jointly proposed new rules that would require fund advisors to document customer identification. These measures are part of a broader aim to curb money laundering in the investment industry.  

Labour outlines crackdown on kleptocracy 
The Shadow foreign secretary, David Lammy, outlined a number of measures that a Labour government would introduce to curb corruption and kleptocracy in the UK and around the world. These include “enforcement and a crackdown on the enablers” and offering whistleblowers financial incentives.  

Australia passes digital ID laws  
The new legislation means an economy-wide digital ID system will be available to financial organisations and providers. It is expected that businesses will be able to join the government's digital ID system by 2026.  

U.S. arrests 2 Chinese nationals involved in pig butchering crypto scam  
The pair laundered more than $73 million from victims through cryptocurrency investment scams known as ‘pig butchering’.  



EU set to sanction 10 new individuals and entities linked to Iran 
Reuters reports that these new sanctions relate to Iran’s support for proxy groups in the Middle East and their military support for Russia.  

Biden administration signals support for sanctions against ICC officials  
United States Secretary of State, Anthony Blinken signalled his openness at bi-partisan cooperation to sanction International Criminal Court (ICC) officials after they requested arrest warrants for Israeli officials, including PM Benjamin Netanyahu.  

China sanctions 12 U.S. military companies and 10 executives  
The sanctions relate to arms sales to Taiwan and as retaliation for U.S. sanctions on China over companies with links to Russia’s military.  



Former Malaysia PM denies involvement in corrupt practices  
Former Malaysian Prime Minister Mahathir Mohamad and his two sons are under investigation by Malaysia’s Anti-Corruption Commission. Mohamed noted that he and his family would cooperate fully with the investigation and denied involvement in corruption.  

Russia detains high-ranking official for bribe-taking 
The arrest of Lieutenant-General Vadim Shamarin for large-scale bribe-taking is the fourth of a high-ranking Russian official in the past month.  

Gambling_GamingGaming and Gambling

Casino Operator SkyCity accepts AUS$67 million fine 
AUSTRAC handed out the fine as the operator contravened its AML/CTF obligations and failed to carry out due diligence on 124 customers. The regulator and operator have agreed to the fine, however it is subject to a court hearing to determine if it is appropriate.  


KYC360 News

Mastering Regulatory Complexity in Gaming and Gambling: Full Webinar Replay 
Gain insights from Stephen Platt, Founder of KYC360 and Ian Penrose, Board Advisor, on how gambling firms can adapt compliance processes and successfully thrive in a fast-changing landscape. 

Watch 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 - 14th June 2024  

KYC360 Weekly Roundup - 14th June 2024

Top stories this week: TD Bank Faces $4 billion AML Fine | 175 Individuals Arrested in Crackdown on Money Laundering in Hong Kong
Jun 14, 2024
KYC360 Weekly Roundup - 7th June 2024  

KYC360 Weekly Roundup - 7th June 2024

Top stories this week: Epoch Times Accused of Money Laundering by DOJ | Janet Yellen Says AI Can Help Tackle Money Laundering but Warns of Significant Risks
Jun 07, 2024