AML Weekly Recap and Insights | Week 17th - 21st March 2025

Mar 21, 2025

Dear AML Professionals,

Another week has come to an end, bringing with it key developments and insights in the world of financial crime compliance.

If you want to learn what to expect this year in the area of anti-financial crime, download the Anti-Financial Crime 2025 Report! Packed with expert contributions and practical guidance, it’s a must-read for compliance professionals navigating today’s challenges.

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Trust but verify..

I recently commented on a post discussing the responsibility taken on by AML professionals. The post suggested that when something is unclear, it’s best to seek advice from someone experienced whom you trust.

My comment was: "Trust, but verify. At the end of the day, it’s the AML officer’s responsibility. No regulator will accept excuses like, 'I was told so' or 'I got approval.' If the law states it’s your responsibility, that responsibility cannot be transferred."

That comment received 4,742 views and many replies in less than 24 hours - clearly, it resonated with a lot of people.

The takeaway is this: Yes, it’s important to seek advice and get a second opinion when needed. However, never forget that the ultimate responsibility remains with you as an AML professional.

Tasks can be delegated, but responsibility cannot.

With this thought, I am wishing you a great weekend!

Anna

A week full of interesting news:

The FCA has fined Crispin Odey £1.8 million and banned him from the UK financial services industry for a lack of integrity. The FCA found that Mr. Odey deliberately obstructed OAM’s internal disciplinary process to protect his own interests, manipulating the executive committee to delay a hearing on his inappropriate behavior for nearly a year. His actions demonstrated reckless disregard for governance, leading the FCA to conclude that he is not fit to perform any regulated function. The decision remains provisional, pending review by the Upper Tribunal.
Europol published its latest EU Serious and Organised Crime Threat Assessment (EU-SOCTA), highlighting the dynamic and complex nature of serious and organised crime in the EU. The report warns that criminal networks are increasingly exploiting globalisation, legislative loopholes, and economic crises to generate illicit profits with low risk. While traditional crime areas like international drug trafficking remain a key concern, new variations of criminal activity continue to emerge, driven by advancements in technology and the use of the internet.
Switzerland's finance ministry has fined Lara Warner, former Chief Risk Officer of Credit Suisse, 100,000 Swiss francs ($114,000) for failing to report a suspicious transaction linked to Mozambique. The 2016 transaction, amounting to 7.9 million francs, was handled by Credit Suisse and involved Mozambique’s finance ministry.
The European Parliament is facing a major bribery scandal involving Chinese tech giant Huawei, with authorities raiding over 20 addresses and sealing two Parliament offices as part of a corruption probe. The investigation, reminiscent of the 2022 Qatargate scandal, focuses on allegations of bribery, forgery, and money laundering linked to Huawei’s lobbying activities. Around 15 current and former MEPs are reportedly under scrutiny. One of the sealed offices belonged to Adam Mouchtar, an assistant to newly elected MEP Nikola Minchev, while another was linked to Italian conservative MEP Fulvio Martusciello. Both officials have denied any wrongdoing.
Corbett Bookmakers Limited has been fined £686,070 by the UK Gambling Commission for failing to meet social responsibility and AML obligations. The investigation revealed serious lapses, including inadequate KYC checks and failure to verify the source of funds, allowing customers to stake and lose significant sums without proper scrutiny. The company must now undergo a third-party audit to ensure compliance improvements.