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ANALYSIS: UBS fine shows Europe’s AML problem isn’t going away amid rising EU-US tensions

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Opernturm And The Alte Oper On The Opernplatz In Frankfurt Am Main, Hessen, Deutschland

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NEWS: Luxembourg gives FIU power to block fraud-linked payments

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NEWS: ABN Amro signs AI partnership with Mistral to cut reliance on non-European tech

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LATEST: Bank of America flags potential new AML fines

By CARLO BOFFA, EU Correspondent European banks are again in the crosshairs of U.S. regulators, despite the deregulatory push championed by President Donald Trump. The Treasury’s anti-financial crime arm, FinCEN, fined UBS Financial Services, the U.S. broker-dealer of the Swiss banking group, a record $125 million for “willfully” violating the Bank Secrecy Act.  The bank…

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NEWS: Luxembourg gives FIU power to block fraud-linked payments

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NEWS: ABN Amro signs AI partnership with Mistral to cut reliance on non-European tech

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LATEST: Bank of America flags potential new AML fines

Regulatory Watch News

  • EBA publishes draft reporting framework for the 2027 eligibility data collection

    AMLA

    As part of release 4.4 of its reporting framework, the European Banking Authority (EBA) has published a public working draft of the data model and taxonomy that will support the collection of data on eligibility for direct supervision by AMLA.

    The data will be gathered in early 2027 from all obliged entities identified as provisionally eligible in 2026, to confirm whether they still meet the criteria on 31 December 2026, the reference date for the selection exercise.

  • Melbourne drug traffickers using encrypted criminal platform sentenced as part of Operation Kraken

    Australia Federal Police

    Two Melbourne men have been sentenced over their involvement in a drug trafficking ring linked to Italian organised crime. The AFP launched Operation Kraken-Kashyyyk in July, 2024, targeting members of Italian organised crime who were using Ghost, an encrypted communications platform designed specifically for criminal use. The platform has since been dismantled by international law enforcement. Investigators identified the men, now both aged 27 and from Moonee Ponds and Keilor East, as suspected of using the encrypted application to traffic commercial quantities of controlled drugs.

  • Update to UK Sanctions List: Afghanistan Regime

    UK Government

    This e-alert is a re-issue of one published on Friday 31 July, which contained mismatches between the individuals' names and UN IDs. The underlying data and change notice have not been changed.  Today, the UK Government has varied 5 designations under the Afghanistan Sanctions Regime. This reflects the decision to amend these designations made by the UN Security Council Sanctions Committee pursuant to Resolution 1988 (2011) on 30 July. Individuals Varied:

    Name: UN ID: Unique ID:
    Jalaluddin HAQQANI TAi.144 AFG0036
    Noor Mohammad SAQIB TAi.110 AFG0088
    Hamdullah NOMANI TAi.044 AFG0039
    Abdul-Haq WASSIQ TAi.082 AFG0062
    Gul Agha ISHAKZAI TAi.147 AFG0115
     

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