Scion Roundup (22nd-28th October 2025)

Policy

- A new legislative proposal in the United States seeks to amend the Currency Transaction Report (CTR) filing threshold. The bill proposes an increase from $10,000 to $30,000, potentially reducing the volume of reports financial institutions are required to file. This change aims to streamline compliance processes and focus resources on more significant transactions.

- South Africa, Nigeria, Mozambique, and Burkina Faso have been removed from the Financial Action Task Force (FATF) 'grey list'. This decision reflects the countries' significant improvements in addressing strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks. The removal is expected to enhance these nations' economic prospects and international financial relationships.

- The Financial Conduct Authority (FCA) has highlighted significant lapses by UK banks in identifying red flags associated with romance scams. A notable case involved a victim losing £428,000, underscoring the need for enhanced vigilance and improved fraud detection measures within financial institutions.

Enforcement

- The Canadian authorities have imposed a record $177 million fine on the crypto exchange Cryptomus for non-compliance with anti-money laundering regulations. This enforcement action underscores the heightened scrutiny and regulatory expectations facing cryptocurrency platforms.

- The National Crime Agency has successfully prosecuted a key individual involved in an international people smuggling network. This case highlights ongoing efforts to dismantle organised crime groups involved in human trafficking, reinforcing the importance of cross-border cooperation in tackling such illicit activities.

- The Financial Crimes Enforcement Network (FinCEN) has uncovered $9 billion in shadow banking activities linked to Iran, facilitated through U.S. correspondent accounts. This revelation highlights ongoing vulnerabilities in the global financial system and underscores the necessity for stringent compliance measures to prevent illicit financial flows.

- The National Crime Agency (NCA) has charged and remanded three individuals following the seizure of 203kg of cocaine. This operation reflects ongoing efforts to combat drug trafficking and disrupt organised crime networks.

Sanctions

- There are no new updates in the sanctions domain this week.

Crypto

- In a significant development, former U.S. President Donald Trump has pardoned Zhao, the convicted founder of Binance. This pardon could have implications for the regulatory landscape of cryptocurrency exchanges and the broader crypto market.

- Revolut has obtained a Markets in Crypto-Assets (MiCA) licence, enabling it to provide crypto services across the European Union. This licence marks a significant step in regulatory compliance for crypto firms, offering a harmonised framework for operations within the EU market.

Industry Moves

- Europol's Head of Financial Crime, Alexander Resch, is scheduled to speak at the International Anti-Financial Crime Summit 2025. His participation highlights Europol's ongoing commitment to tackling financial crime on an international scale.

- Bunq has received clearance as a US broker-dealer, marking the first step towards obtaining a full banking licence in the United States. This move reflects Bunq's strategic expansion into the US market and underscores the growing trend of European fintechs seeking to broaden their operational footprint internationally.

- Derville Rowland of the Anti-Money Laundering Authority (AMLA) is set to speak at the International Anti-Financial Crime Summit 2025 in London this October. Her participation underscores the importance of international cooperation and dialogue in combating financial crime.

- During the International Anti-Financial Crime Summit (IAFCS), industry leaders emphasised the need for banks to adopt a more courageous approach in combating financial crime. The summit's 'Day Zero' discussions were dominated by the role of artificial intelligence in enhancing detection capabilities.

Other

- The National Crime Agency continues its operations to protect the public from serious and organised crime, with a focus on money laundering and illicit finance. Their ongoing efforts are crucial in maintaining the integrity of financial systems and ensuring compliance with international standards.

- A judge in Antwerp has raised concerns about Belgium potentially evolving into an EU narco state, with city institutions reportedly falling under the influence of drug traffickers. This warning underscores the increasing challenges faced by European cities in combating drug-related corruption and organised crime.

- AML Intelligence is conducting a global 'Fincrime Frontier' survey, offering participants a chance to win tickets to the International Anti-Financial Crime Summit 2025. This initiative aims to gather insights into emerging trends and challenges in financial crime, providing valuable data to shape future strategies and policies.

- Tracey McDermott has been inducted into the AML Intelligence IAFCS 'Roll of Honour'. This accolade recognises her significant contributions to the field of anti-money laundering and financial crime prevention.