Dear AML Professionals,
Another week has come to an end, bringing with it key developments and insights in the world of financial crime compliance.
Let’s see this week’s AML highlights:
The Discipline of Follow-Up in AML
In the world of AML, identifying a red flag is only the beginning. What often sets effective teams apart isn’t how quickly they spot risk but how consistently they follow up.
→ Did that escalation lead to action?
→ Did we close the loop on that monitoring alert?
→ Did anyone ever verify the explanation provided?
Follow-up is where oversight becomes assurance. It’s how we demonstrate that compliance isn't just about having processes - it’s about making sure they’re working.
It’s easy to assume someone else will check. But AML doesn’t work that way. The risks we deal with don’t disappear on their own. They evolve unless we track them down.
So this week, take a moment to follow up on something unresolved. It could be a flagged transaction, a pending response, or an overdue check.
It’s not enough to have controls in place. We need to ensure they’re being applied, reviewed, and followed through.
With this thought, I wish you a wonderful and insightful weekend!
Warm regards,
Anna
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Here are this week’s AML/CFT highlights:
EBA Issues Fifth Opinion on ML/TF Risks Affecting the EU Financial Sector: The European Banking Authority (EBA) has released its latest Opinion, highlighting emerging money laundering and terrorist financing risks. Key concerns include the exploitation of digital currencies and cross-border services by criminal groups, and the need for harmonized AML/CFT standards across EU Member States. The EBA calls for proactive risk management and improved cross-border information sharing.
AUSTRAC news:
Civil Penalty Proceedings Against Mounties Group: In a move to crack down on the gambling sector, AUSTRAC has initiated proceedings against Mounties Group – one of the largest and most profitable club groups - for failing to maintain adequate AML/CTF controls when providing gaming services.
Finalization of Enforceable Undertaking with National Australia Bank (NAB): AUSTRAC has closed its enforceable undertaking with NAB, acknowledging the bank's remediation efforts.
HKMA Finalizes AML/CFT Framework for Stablecoin Issuers: The Hong Kong Monetary Authority has implemented a new AML/CFT Guideline for stablecoin issuers, effective August 1, 2025. This framework demands comprehensive risk assessments, enhanced transaction monitoring, and strong governance measures, setting a new standard for digital asset regulation.
In case you missed this week’s LinkedIn posts:
Monday 28th July: Proliferation financing risk is rising – and often businesses are not aware
Tuesday 29th July: The EBA has released its 2025 Opinion on money laundering and terrorist financing risks.
Wednesday 30th July: Most AML failures don’t happen because people don’t care.
Thursday 31st July: Is your AML framework actually working? A quick checklist for compliance leads
Friday 1st August: Career Tips - Recommended Newsletters for compliance professionals
Wondering who we are? AML Cube and its associates can assist you with:
AML Compliance
Sanctions Compliance
MiCA Regulations
Cybersecurity / DORA Compliance
Visit www.amlcube.com to learn more about what we do.
Best regards,
Anna Stylianou