WORLD OF financial crime compliance, sanctions enforcement undergoing profound transformation,inside UK’s record ￡266M money laundering scheme

From Paul O'Donoghue at AMLi

THE WORLD OF financial crime compliance and sanctions enforcement is undergoing a profound transformation. The once-unquestioned US leadership in anti-money laundering (AML), corruption, and sanctions enforcement is shifting—rapidly and unpredictably. As Washington recalibrates its approach, the ripple effects are being felt across global finance, from major banks and regulators to fintechs, virtual asset service providers (VASPs), and gaming operators.

For the past two decades, financial crime controls have been shaped by a US-centric model, forged in the post-9/11 era and reinforced by the dominance of dollar-based enforcement actions. That model is now in flux. A systemic adjustment is underway, and its consequences are only beginning to unfold.

For compliance officers, financial crime teams, and regulatory leaders, the question is no longer whether change is coming—it is how to navigate it. The European Anti-Financial Crime Summit 2025 (EAFCS2025), taking place in Dublin on May 7, is the definitive forum to analyze, adapt, and position for what’s next.

Why This Summit Matters

This is where the AFC and fraud community comes to take stock, understand the shifts, and gain insights from the people shaping the new global AML and sanctions landscape.

?? What’s changing in US enforcement—and how will it impact global financial institutions?

?? How will the EU’s new Anti-Money Laundering Authority (AMLA) reshape compliance standards?

?? What fresh approaches will central banks, banks, fintechs, and regulators adopt to keep pace?

At EAFCS2025, three of Europe’s most influential voices in financial crime enforcement and regulation will lead discussions alongside over 40 global AFC and fraud leaders:

Paschal Donohoe, President of the Eurogroup of EU Finance Ministers; Minister for Finance, Ireland

Catherine De Bolle, Executive Director, Europol

Bruna Szego, Chair, EU Anti-Money Laundering Authority (AMLA)

This is not just another conference. It is a strategic briefing for C-Suite executives, policy leaders, and financial crime professionals across the financial services industry. Banks, central banks, regulators, fintechs, VASPs, gaming operators, and law enforcement agencies will be there. If your team is not, they will be at a strategic disadvantage.

The financial crime landscape is shifting—will your organization be ahead of the curve, or struggling to catch up?

Secure your place at EAFCS2025 today.

?? Dublin | May 7, 2025

?? Individual & corporate tickets available now [HERE]

UK

RECORD: Four men have been found guilty of laundering ￡266 million through a West Yorkshire scrap jewelry business in what is believed to be the biggest money laundering case ever prosecuted in the UK.

Gregory Frankel, 47, Daniel Rawson, 47, Haroon “Harry” Rashid, 54, and Arjun Babber, 32, were convicted following a trial at Leeds Crown Court. Socialite James Stunt, former son-in-law of Formula One magnate Bernie Ecclestone, was cleared of involvement. The prosecution alleged that Mr. Stunt helped disguise the origins of the cash and purchase gold.

West Yorkshire Police, which spearheaded the investigation, revealed that the criminal funds flowed through Fowler Oldfield, a now-defunct wholesale jewelry business based in Bradford.

ASPIRE: Gambling operator Aspire Global has been fined ￡1.4 million after a UK Gambling Commission investigation found serious failures in AML and social responsibility measures.

AG Communications Ltd, which operates as Aspire Global and runs 58 gambling websites, reached a settlement with the Commission.

Failures included permitting a customer to open multiple gambling accounts despite having previously self-excluded and allowing another customer to lose ￡7,000 in just over four hours.

US

BENEFICIAL OWNERSHIP: THE U.S. Treasury Department said it will not enforce beneficial ownership (BOI) reporting, an AML law that obliges millions of business entities to disclose the identities of their real beneficial owners.

The Trump administration has opposed the Biden-era Corporate Transparency Act on the grounds that it is a burden on low-risk entities. The act has faced repeated legal challenges.

In a statement, the Treasury Department said it would not enforce any penalties under the act against U.S. citizens or domestic reporting companies.

It added that it intended to issue a rule to narrow the scope of the act to foreign reporting companies.

IMPACT: AML Intelligence Special Correspondent Sarah Beth Felix took a look at the US decision to move away from beneficial ownership reporting, and why it will likely come as good news for criminals.

CREDIT SUISSE: The UK’s Financial Conduct Authority (FCA) has banned two former Credit Suisse bankers after their convictions for taking millions in bribes to arrange corrupt loans for Mozambique.

Andrew Pearse and Surjan Singh pleaded guilty in 2019 to accepting kickbacks in relation to around $1.3 billion of loans provided by Credit Suisse to Mozambique, which have prompted litigation and regulatory penalties around the world.

Pearse, formerly head of Credit Suisse's Global Financing Group, admitted to accepting over $45 million in kickbacks. The FCA barred him from the UK financial services industry for lacking integrity.

Singh, who took $5.7 million in illicit payments, also received a ban.

?? We have special offers for Individual and Corporate Members. Your Chief Compliance Officer, Department Head, or Chief Librarian can contact us about our Enterprise Membership for your organisation. Please reach out to James Treacy at [email protected] for further information.

Join the world’s fastest-growing FinCrime community and become an AML Intelligence member.

Have a great Wednesday ??

Stephen and the team at AMlintelligence.