EXCLUSIVE: AMLA members divided over how to calculate fines for banks over FCC failings

Regulatory Watch News

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  Operation Economic Outcast Takes Unprecedented Action Against Sanctions Evasion Network Used by Iran

  FinCEN

  October 1, 2026

  WASHINGTON—Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury took unprecedented action against the A7 Network, a shadow banking network with ties to Russia used by the Iranian regime to evade sanctions.

  • Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would prohibit transmittals of funds regarding transactions involving the A7 Network’s Sub-Agents.
  • Additionally, FinCEN issued an Alert to help financial institutions detect and report suspicious activity related to the A7 Network.
  • Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the A7 Network as a significant transnational criminal organization.

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  FCA opens the gateway to regulated crypto

  Financial Conduct Authority

  October 1, 2026

   

  For the first time, crypto firms operating in the UK will be brought into full FCA regulation, with clear standards covering consumer protection, safeguarding, market integrity and financial resilience. This is a significant milestone, not just for the industry, but it signals to those who invest in crypto that the UK is serious in giving them protections they have never had before. It also gives the sector clarity and legitimacy that comes with a proper regulatory framework.

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  New general trade licences published under the Russia sanctions regime

  OFSI

  October 1, 2026

  Today, the Office of Trade Sanctions Implementation (OTSI) has published two general trade licences under the Russia sanctions regime.  

  The licences relate to UK involvement in the maritime transportation of Russian liquified natural gas (LNG) to Japan and South Korea under specific, pre-existing contractual arrangements.  

  Supporting diversification away from Russian energy strengthens long-term pressure on Russia’s energy sector. Japan and South Korea are close partners and important contributors to international support for Ukraine.