AML Weekly Recap and Insights | Week 19th -23rd May 2025

May 23, 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.

A few more days to 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.

Download the Report for free

You can’t fight financial crime in 2025 without technology

But… Technology only works if you understand what it’s doing.

It’s not enough to implement a new tool and hope it does the job. You need to understand what it was built to do and what risks it actually mitigates.

Then you need to configure it and tune it.

Test it. Re-tune it.

And keep doing that as your risk exposure changes.

You don’t need to explain how the technology works in technical detail.

But you do need to explain how it mitigates your risks and why it was set up that way.

If you can’t do that, you’re not ready for a regulatory inspection.

It’s not about being a tech expert. It’s about owning the decisions that impact your compliance framework.

Good compliance teams don’t just use tools.

They challenge them, adapt them, and stand behind them.

Own your risk.

Because you can outsource tasks, but you cannot outsource your judgement.

Wishing you a great and restful weekend.

Regards

Anna

Here are the highlights of this week’s AML news:

The EU adopted its 17th sanctions package against Russia, targeting military technology access and energy revenues. The package includes new restrictions on 189 vessels in Russia’s “shadow fleet,” a port access ban, and service prohibitions aimed at disrupting oil-related revenues. It also lists Surgutneftegaz - a major Russian oil producer - and introduces asset freezes and export bans on over 75 individuals and entities, including companies from China, Belarus, Israel, and other third countries supplying military goods. The package expands controls on dual-use technologies, components for drones, and machine tools, and adds measures addressing the exploitation of Ukrainian resources and cultural assets in occupied territories.
AUSTRAC has opened a second public consultation, until 27 June 2025, as part of ongoing reforms to strengthen Australia’s AML/CTF regime. This phase seeks feedback on proposed changes to the AML/CTF Rules, including updates on beneficial ownership, ongoing customer due diligence, and alignment with FATF standards. It follows an earlier consultation focused on simplifying obligations and forms part of Australia’s preparations for the upcoming FATF mutual evaluation.
Edmond de Rothschild Europe will pay €25 million after a court settlement for handling of $472 million in misappropriated 1MDB funds between 2009–2013. The bank failed to conduct adequate due diligence on the origin of these funds.
On May 13, 2025, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed an administrative monetary penalty of $249,480.50 on Marouf Management Inc., a money service business, for non-compliance with AML regulations. The company failed to develop and apply written compliance procedures, perform risk assessment, record keeping and register with FINTRAC.