Dear AML professionals
Another week has come to an end, bringing with it key developments and insights in the world of financial crime compliance.
Live Online Course: AML in 2025: Trends, Regulatory Shifts & Strategic Priorities for Cypriot Firms
A few last spots available for my live online course specifically designed for Cypriot firms looking to stay up to date with the latest regulatory developments.
Dates: 7 & 8 October 2025
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Progress Over Perfection
In compliance, we sometimes feel pressure to design the “perfect” program - flawless policies, systems that catch everything, processes without a single gap. But perfection is unrealistic, and waiting for it can mean important risks go unaddressed.
What matters is steady progress. Each improvement - updating a control, closing a reporting gap, refining training - makes your framework stronger. Over time, those small steps improve your company’s defences.
The message to remember: progress, not perfection, is what protects institutions.
With this thought, I would like to wish you a wonderful weekend!
Warm regards,
Anna
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Here are this week’s AML/CFT highlights:
The EBA has issued a paper on rising application of AI in EU banking and payments sector.
On 25 September 2025, the EBA published data showing that 92% of EU banks are already deploying AI, while another 8% are piloting use cases. Key applications include AML/CFT and fraud detection through anomaly spotting, transaction monitoring, and digital onboarding, alongside credit scoring, client profiling, and customer support.
Criminal networks dismantled for drug trafficking & laundering via gold bars:
Eurojust reports a joint French-Italian operation that dismantled two linked organised crime groups. One group laundered funds by buying, exchanging, and hiding illicit proceeds in gold bars, often using a hawala-style network of intermediaries. Authorities arrested 12 suspects, seized nearly 100 kg of pure gold bars, along with luxury cars, cash and watches (≈ €8 million in assets), and traced at least €30 million in criminal proceeds. The case leveraged a Joint Investigation Team (JIT) supported by Eurojust and law enforcement coordination across borders.
FINTRAC imposes two new penalties:
Canada’s regulator and financial intelligence unit fined KuCoin (Peken Global Limited, a Seychelles-based cryptocurrency exchange) C$19.6 million for failing to register as a foreign MSB, not reporting large virtual currency transactions, and not filing suspicious transaction reports. It also fined Spence Diamonds Ltd., a Canadian jewellery retailer, C$264,000 for failing to submit suspicious transaction reports, having deficient AML policies and procedures, lacking training, and not conducting the required independent review.
Monday 22nd September: Why is it so difficult to catch professional money launderers?
Tuesday 23rd September: AML: Back to basics
Thursday 25th September: It’s been a busy week - and I absolutely loved it!
Friday 26th September: Unanswered Ask-me-anything Questions - answered here.
That’s all for this week. Feel free to contact us at info@amlcube.com and tell us what future subjects you would like us to cover in future editions.
And if you are 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