AML Roundup: Switzerland prepares new AML laws – SEC awards more than $100m to whistle blowers – BoE bulletin on the digital pound – Money Laundering, Fraud, Corruption & Bribery – Regulation, Legislation and Sustainability – Gaming and Gambling – Crypto & Virtual Assets – Sanctions
01 Sep 2023

Welcome to this week’s AML Roundup. In our anti-money laundering news this week, the Swiss government has drafted new money laundering rules following some criticism from the regulator. They’re also planning for a register of ultimate beneficial owners. There’s news too on proposals for a ban on cold calling for financial services and products in the UK.

We’ve news on how the US SEC has made payments of more than $100m to seven whistle blowers and what’s included in the Gambling Commissions’ latest annual report.

In crypto news we look at the Bank of England’s latest bulletin on a digital pound and US Treasury proposals on reporting requirements for cryptocurrency exchanges.

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 Office of Financial Sanctions Implementation uses its new power of Disclosure for the first time.

Money Laundering, Fraud & Corruption

Switzerland prepares new AML laws

Following on from last week’s story about the Swiss financial regulator (FINMA) review saying banks are not doing enough on money laundering, the Swiss government has drafted new rules to improve its money laundering regulations. They would make lawyers, accountants and others subject to new rules and reporting obligations. In addition, the government also plans to create a central registry to track the ultimate beneficial owners of companies.

Three steps to use analytical rigour in AML compliance operations

A useful summary of three key points needed to deliver effective due diligence in AML compliance.

New report shows AML solutions market growing at CAGR of 15.06% to $5.22bn by 2028

A new report estimates the AML solutions market was valued at $2.42bn in 2023 and will grow to $5.22bn by 2028.

Legislation, Regulation and Sustainability

UK considering a ban on cold calling for consumer financial products and services

The UK Government has published a consultation paper on banning cold calling for consumer financial products and services. It cites the loss of £65,000 by an individual to a cold calling crypto scam.

US SEC awards more than $104m to seven whistleblowers

The US Securities and Exchange Commission has awarded more than $104 million to seven individuals in the fourth largest award in the SEC’s whistleblower programme’s history. Their whistleblowing activities “prompted the opening of, or significantly contributed to, an SEC investigation”.

Gaming and Gambling

Gambling Commission publishes its annual report

The UK’s Gambling Commission’s latest annual report has been published. It details £60.1m in fines and settlements paid by operators, discusses the introduction of the Gambling Act white paper and more.

Crypto & Virtual Assets

Bank of England publishes bulletin on digital pound

The BoE’s latest quarterly bulletin looks at the subject of a digital pound and how it will promote innovation in domestic payments.

US Treasury publishes crypto tax reporting proposal

Designed to address tax evasion risks, the US Treasury is proposing that cryptocurrency exchanges and payment processors in the US will be required to report information on their users’ transactions to the Internal Revenue Service.

FSMA 2023 brings crypto assets within the FCA’s area of responsibility

As of the 29 August, the Financial Services and Markets Act 2023 brings digital assets regulation under the control of the Financial Conduct Authority (FCA). It also creates a new designated activities regime (DAR), new regulations for stablecoins and a framework to create financial market infrastructure sandboxes.


OFSI uses Disclosure power for first time

The UK Office of Financial Sanctions Implementation has published a blog in which it details the first use of its new Disclosure enforcement power. This allows the OFSI to publish details of financial sanctions breaches where it decides that the breaches are not serious enough to justify a civil monetary penalty. This is part of its expanded enforcement toolkit.


RiskScreen AML spotlight report

AML Vulnerabilities in Gaming and Gambling

Gaming and gambling companies risk getting caught in a pincer movement. On the one hand, criminal groups are eyeing the potential opportunities afforded by the industry to launder the proceeds of wrongdoing, particularly as online gambling has boomed. On the other, regulators, alert to this danger, are increasingly cracking down on companies judged to have fallen short on anti-money laundering (AML) standards.

In this industry report, we look at:
– Where gambling and gaming companies face AML risks
– The regulatory environment
– How to ensure compliance with AML

Download this valuable compliance analysis here.

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