Switzerland
Stricter Enforcement and Beneficial Ownership Transparency:
Swiss authorities continue to tighten AML regulations, with recent enforcement actions including a CHF 2 million fine against Pictet bank for money laundering failings related to Petrobras-linked transfers [1]. Lawmakers have approved the creation of a federal beneficial ownership register, although some categories (foundations, associations, certain trusts) remain exempt [2]. This is part of a broader push for transparency and compliance with FATF recommendations.
AI in Onboarding:
The ACAMS Switzerland Chapter held a June 2025 event on using artificial intelligence to identify fraudulent behavior during onboarding, highlighting the sector’s growing reliance on advanced analytics for fraud detection [3].
High-Profile Fines:
Julius Baer was ordered to pay a penalty of 4.4 million Swiss francs for AML failures, underscoring ongoing regulatory vigilance [4].
United Arab Emirates (UAE)
Regulatory Crackdown and Fines:
The UAE Central Bank imposed several significant penalties, including a Dh2 million fine on a UAE-based exchange house for AML violations and a Dh3.5 million fine on a bank’s Islamic window, which was also suspended from onboarding new customers for six months due to Sharia governance breaches[5][6]. These actions are part of a broader regulatory push to strengthen AML/CFT compliance.
Removal from EU AML Watchlist:
The European Commission announced the UAE’s removal from its high-risk AML list, recognizing the country’s improved regulatory regime and alignment with international standards[7]. This follows the UAE’s removal from the FATF grey list in 2024.
Mauritius
Cross-Border AML Cooperation:
Mauritius signed its first Memorandum of Understanding – MoU – with India’s Enforcement Directorate for agency-to- agency cooperation on financial intelligence, signaling a step forward in cross- border AML enforcement and information sharing[8].
United Kingdom (UK)
Identity Verification for Companies:
The UK launched a new requirement for identity verification in Companies House filings, aiming to strengthen corporate transparency and reduce the risk of shell companies being used for money laundering[9].
AI Adoption and Workforce Shifts:
The UK’s Big Four accountancy firms are cutting graduate jobs in favor of AI-driven automation, particularly in compliance and onboarding tasks. There is also a growing focus on AI assurance roles to audit and validate AI systems for fairness and accuracy[10].
Sources
[1] https://www.news.admin.ch/en/newnsb/b4DdjtnkrO_kTQoINULz7
[2] https://www.swissinfo.ch/eng/various/towards-a-federal-register-of-beneficial-owners/89509375
[6] https://www.getfocal.ai/blog/aml-violations-lead-to-dh2m-fine-for-uae-exchange-house
[8] https://www.linkedin.com/pulse/why-ed-signed-its-first-mou-fiu-mauritius-rushda-khan-fmcvc/
[9] https://www.gov.uk/government/news/companies-house-starts-to-verify-identities