Scion Weekly Roundup (28th July-1st August 2025)

Policy

- No significant policy updates were noted this week in the financial crime and AML landscape.

- The GENIUS Act, recently signed into law, aims to regulate stablecoins in the United States. However, concerns have been raised about potential loopholes that could inadvertently make the US a haven for financial crime. Compliance professionals should closely monitor the implementation of this legislation to understand its implications on the financial crime landscape.

Enforcement

- The National Crime Agency (NCA) has secured a major financial recovery, with a Chinese national forfeiting £16.7 million following an investigation into money laundering activities. Additionally, the head of the UK's Kinahan crime group has been ordered to repay £1.1 million, further demonstrating the NCA's focus on dismantling organised crime networks and recovering proceeds of crime.

- In Birmingham, two individuals have been charged following the seizure of a firearm from a residential flat. This operation highlights ongoing efforts to combat organised crime and the importance of robust enforcement actions in maintaining public safety.

Sanctions

- There were no new developments in sanctions this week.

Crypto

- No significant updates in the cryptocurrency sector were reported this week.

- The GENIUS Act's regulation of stablecoins is a significant development in the crypto sector. While the act seeks to bring stability and oversight, the potential for loopholes necessitates vigilance from compliance teams to prevent misuse and ensure adherence to anti-money laundering standards.

Industry Moves

- John MacIntyre has been appointed as the new chair of TD Bank. This strategic move aims to enhance the bank's oversight and governance structures, reflecting a broader industry trend towards strengthening compliance and risk management frameworks.

- Deutsche Bank has appointed Ralph Nash as the global Head of Anti-Financial Crime (AFC), following Nita Patel's departure for personal reasons. Nash's expanded role underscores the bank's commitment to strengthening its financial crime compliance framework.

Other

- The NCA, in collaboration with Bulgarian partners, has made a significant seizure of small boats, which were likely intended for illicit activities, highlighting the importance of international cooperation in tackling organised crime. Furthermore, four individuals have been arrested on suspicion of retrieving drugs dropped off the coast, indicating ongoing efforts to combat drug trafficking.

- Derville Rowland of the Anti-Money Laundering Authority (AMLA) is scheduled to speak at the International Anti-Financial Crime Summit 2025 in London. This event will likely address emerging trends and strategies in financial crime prevention.

- SymphonyAI, in collaboration with AML Intelligence, has launched a comprehensive financial crime compliance survey, contributing to the 'FinCrime Frontier 2025' initiative. This survey aims to provide in-depth insights into the evolving landscape of financial crime compliance, offering valuable data for industry stakeholders.

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