KYC360 Weekly Roundup

Published on Aug 25, 2023

Top stories this week:

Nigeria’s former oil minister charged with bribery in London | Swiss regulator questions over 30 banks on money laundering | Crypto companies prepare for the ‘Travel Rule’ 

Welcome to this week’s AML Roundup. In our anti-money laundering news this week, police in London have charged Nigeria’s former oil minister with bribery. The Swiss financial regulator says many of its top banks aren’t doing enough to combat money laundering and we also look at how AI could help the fight against financial crime.

We’ve news on how ESG is being increasingly politicised in the US. There’s also news from Guernsey’s financial regulator about gambling being the industry cited most often in money laundering reports.

In crypto news we discuss the ‘Travel Rule’ coming in to force in the UK on the 1st September and how Slovenia is the EU’s most ‘crypto-obsessed’ country.

To complete this week’s Roundup, we provide you with further money laundering, fraud, corruption and bribery updates from around the world. In addition, the latest sanctions news as the UK Government publishes its latest list of who is caught in its financial sanctions net.

 

Financial_ServicesMoney Laundering, Fraud & Corruption

UK Police charge former Nigerian oil minister and President of OPEC with bribery

Diezani Alison-Madueke who was Nigeria’s petroleum minister from 2020 to 2015 and a former President of the Organisation of the Petroleum Exporting Countries (OPEC) in 2014-2015, has been charged with bribery offences by the National Crime Agency’s (NCA) International Corruption Unit.

Swiss regulator’s review shows more than 30 banks not doing enough on money laundering

Switzerland’s financial markets authority (FINMA) has reviewed risk analyses of more than 30 banks and concluded that a large number did not meet the basic requirements for such an analysis.

Association of Accounting Technicians (AAT) publish their ‘seven golden rules’ for successful AML compliance

The AAT provides a handy explainer for those getting started with AML compliance.

International Monetary Fund (IMF) praises Côte d’Ivoire for improvements it’s made in combatting AML/CFT

The IMF has published its latest detailed assessment report on the Côte d’Ivoire’s AML/CFT measures. It acknowledges the new laws and other measures introduced since the last major report into the country’s efforts.

Using AI for financial crime prevention

AI offers significant potential to help in the fight against money laundering and financial crime. This article looks into the possibilities.

 

RequirementsLegislation, Regulation and Sustainability

ESG has become a political hot-potato in the US

With ESG becoming increasing important internationally, in the US it has become a political issue with pro and anti-laws being passed at state and federal level. This article assesses the situation.

Gambling_GamingGaming and Gambling

Guernsey’s Financial Intelligence Unit (FIU) says gambling accounts for vast majority of money laundering reports

Guernsey’s FIU has published its 2022 annual report in which it states that 76% of ‘Suspicious Activity Reports’ (SARs) came from the gambling sector. Trust and corporate service providers (TCSPs) and banks came in next at 10% and 8% respectively.

Germany’s gambling regulator suggest Malta’s bill 55 is not compatible with EU law

We’ve reported previously about Malta’s Bill No. 55 which restricts imposing judgements against Malta-licensed gambling companies from outside Malta. Germany’s gambling regulator the Gemeinsamen Glücksspielbehörde der Länder (GGL) says it should not be compatible to EU gambling regulations. The EU is continuing its review of Malta’s law.

 

Crypto-1Crypto & Virtual Assets

FCA sets out expectations for UK crypto companies complying with the AML/CFT ‘Travel Rule’

UK crypto companies will be required to share information about crypto asset transfers from 1 September 2023 under what’s known as the ‘Travel Rule’. This aligns the UK with other countries who already implement the Financial Action Task Force (FATF) regulation.

Survey suggests Slovenia is the EU’s most ‘crypto-obsessed’ country

Recently published research looking at the highest number of crypto related searches per capita, suggests Slovenia is the hotbed for crypto activity in the EU. Also in the top five are Luxembourg, the Netherlands, Finland and Turkey.

 

Sanctions-1Sanctions

UK Government published updates to its consolidated list of who is subject to financial sanctions

HM Treasury and the Office of Financial Sanctions Implementation have published an updated list of asset freeze targets and a list of people restricted under the Russia regulations.

UK fines unnamed company £1m for Russian sanctions breach

On Wednesday, the UK Government announced that it has fined an unnamed UK company £1m for the unlicensed trade of goods in breach of Russia sanctions.

 

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