European Union
New EU AML Rules tightens UBO (25%+) definitions and controls.
The revised rules clarify and standardize “beneficial ownership,” focusing on ownership or control of 25% or more-but also emphasizing circumstances where effective control may exist even with lower formal stakes. Firms must proactively assess for other individuals who exercise control via other means, not just through shareholding percentages. UBO information must be kept up to date-not just at onboarding, but continuously throughout the client relationship.
Items for Attention:
– adopt more thorough, frequent, and proactive processes to identify and verify beneficial owners.
– invest in technology and external data checks to corroborate ownership claims.
Sources: [1]
United Kingdom
FCA Fines Barclays GBP42 Million for Major Failures in Financial Crime Risk Management
In the first case, Barclays Bank UK PLC opened a client money account for WealthTek without verifying FCA authorization, exposing clients to fraud and money laundering; later, Barclays Bank PLC failed to monitor high-risk client Stunt & Co, which received GBP46.8 million from a known money laundering operation. Despite law enforcement warnings, insufficient due diligence and ongoing monitoring allowed criminal funds to flow. Barclays is remediating its controls and made a voluntary compensation payment to affected clients.
Items for Attention:
– check client credentials and regulatory status at onboarding.
– conduct ongoing, risk-based monitoring-especially for high-risk clients and large transactions.
Sources: [2]
Singapore
Revised AML/CFT Notices and Guidelines Effective in Singapore
The Monetary Authority of Singapore (MAS) implemented revised anti-money laundering and countering the financing of terrorism notices and guidelines on July 1, 2025. These updates introduce new or amended requirements for customer definitions, trust-related parties, and reporting obligations. The overhaul aims to keep Singapore’s regulatory framework aligned with FATF standards and the evolving financial crime landscape.
Items for Attention:
– Ensure updated processes for customer identification and beneficial ownership verification.
– Review internal procedures to comply with new reporting and trust party obligations.
Sources: [3]
Nine Banks Fined for AML Deficiencies
MAS levied S$27.45 million in fines on nine banks for AML lapses linked to a major money laundering case.
Items for Attention:
– Strengthen cross-border due diligence and reassess monitoring frameworks.
Sources: [4]
Australia
AUSTRAC Outlines Priorities for 2025-26
AUSTRAC has set out its 2025-26 priorities, focusing notably on mitigating risks in digital currencies, cash-intensive businesses, and supporting the rollout of ‘tranche 2’ AML/CTF reforms (expanding coverage to real estate, legal, and other sectors by July 2026). There’s a shift toward outcome-focused regulation at both the sector and entity level, with a strong emphasis on direct guidance and industry support.
Items for Attention:
– Prepare for tailored risk-management requirements in digital and cash-heavy sectors.
– Stay ahead of mandatory obligations for ‘tranche 2’ sectors, emphasizing early compliance planning.
Sources: [5]
Sources:
[5] https://www.austrac.gov.au/austracs-regulatory-expectations-and-priorities-2025-26