Scion Roundup (6th-13th October 2025)

Policy

- The US Treasury has announced a significant overhaul of its Suspicious Activity Reports (SARs) system, aiming to reduce the reporting burden on Anti-Financial Crime (AFC) teams within banks. This reform is expected to streamline compliance processes and enhance the efficiency of financial crime detection.

- The US Treasury has issued new guidance on SARs aimed at addressing specific challenges faced by the banking sector. This guidance is expected to streamline reporting processes and enhance the efficiency of compliance operations.

- The Wolfsberg Group has expressed approval of the UK Treasury's recent guidance on SARs. Ned Conway, the group's chief, has welcomed the updates, which aim to enhance the effectiveness and efficiency of SARs. Conway remains hopeful for further reforms in the AML regulatory framework, indicating a positive outlook for continued improvements in compliance practices.

Enforcement

- In Northern Ireland, two individuals have been arrested as part of an ongoing money laundering investigation by the National Crime Agency (NCA). This operation underscores the agency's commitment to tackling serious financial crime and disrupting organised crime networks. The arrests are part of a broader strategy to combat illicit finance activities within the UK.

Sanctions

- No significant updates this week.

Crypto

- The European Banking Authority (EBA) has raised concerns about cryptocurrency firms seeking out jurisdictions within the EU that offer more lenient licensing regimes. This practice, often referred to as "regulatory shopping," could undermine the integrity of the EU's regulatory framework for digital assets.

Industry Moves

- Alexander Resch, the Head of Financial Crime at Europol, will be speaking at the International Anti-Financial Crime Summit 2025. This event will also feature Interpol's promotion of its 'I-Checkit' system, a tool designed to enhance Customer Due Diligence (CDD) processes.

- In a strategic acquisition, SmartSearch has purchased the ID verification firm Credas. This move is likely to strengthen SmartSearch's position in the identity verification market and enhance its service offerings in compliance technology.

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

Other

- AML Intelligence has joined the 'World News Day 2025' campaign, supporting fact-based journalism. This initiative underscores the importance of accurate reporting in the fight against financial crime.

- SymphonyAI, in collaboration with AML Intelligence, has launched the 'FinCrime Frontier 2025' survey, touted as the world's most comprehensive financial crime compliance survey. Industry professionals are encouraged to contribute to this initiative, which aims to gather insights on the current landscape of financial crime compliance. Additionally, participants have the opportunity to win tickets to the International Anti-Financial Crime Summit 2025 by completing the survey.

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