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KYB Watch
What changed in KYB, and why it matters

Curated updates on AML regulation, business verification, ownership, monitoring, enforcement, and financial crime. Each update explains the development, its operational impact, and what KYB teams should review.

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Latest KYB Watch updates

Recent developments in regulation, business verification, ownership, monitoring, enforcement, and financial crime.

Abstract cobalt monitoring gateway activated by two coral beams from external signal beacons while transaction streams pass throughText Link

Bank of America fined $1.21bn after external warnings exposed monitoring gaps

FinCEN says weak internal controls left the bank dependent on external referrals, contributing to more than $5bn in late or missed suspicious activity.

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October 14, 2026
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Investigation alleges more than 1,000 records were fabricated across Abramovich-linked companies

A joint investigation says more than 1,000 records were backdated across an offshore network, showing why professional certification cannot replace provenance checks.

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October 13, 2026
A small payment stream passes through an inspection gate while a much larger stream curves around it unmonitored.Text Link

American Express fined $350m after AML controls failed to capture $13bn in suspected trade-based laundering

An OCC order links a $350m penalty to risk-assessment, CDD and monitoring failures that left $13bn in suspected trade-based laundering underreported.

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October 10, 2026
Customer records, linked transactions and group controls pass through one standardising framework.Text Link

AMLA finalises core EU standards for customer due diligence

AMLA has finalised three draft standards covering customer evidence, linked transactions and group-wide AML controls across the European Union.

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October 8, 2026
Two paper companies and many digital access points converge on the same hidden trade-control hub.Text Link

Two paper companies reveal hidden-control signals in a Rs3.2bn trade network

Two paper companies, overlapping digital access and implausible trade capacity show how hidden control can emerge only when KYB signals are connected.

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October 8, 2026
A central payment hub uses an inspection beam to reveal customer entities behind intermediary gateways.Text Link

DNB fine shows why partner-led payments need customer-level visibility

DNB fined Modulr Finance €722,160 after finding its partner-led model left gaps in customer risk profiles, transaction monitoring and alert reviews.

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October 8, 2026
Two ownership structures entering a secure register, with one coral mismatch highlighted for review.Text Link

Switzerland’s beneficial-ownership register is now operational

Switzerland’s non-public TranspaReg is now live, giving authorised financial intermediaries a new ownership source and a route for reporting discrepancies.

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October 1, 2026
A technology-company facade opening to reveal a hidden payment-routing network.Text Link

Capstone case shows how a false business model can distort KYB risk decisions

US prosecutors seized about $84m tied to Capstone, alleging it presented itself as an IT company while operating as a payments business.

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September 30, 2026
A central press producing blank documents linked to separate banking gateways by one network line.Text Link

A7 investigation shows how forged documents can defeat isolated AML checks

An FT investigation says A7 used front companies and forged documents to move more than $6.9bn, exposing gaps in isolated AML checks.

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September 28, 2026
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Seven linked UK companies expose the limits of isolated registry checks

A joint UK investigation connected seven apparently unrelated companies, showing why KYB checks must corroborate filings and compare patterns across entities.

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September 28, 2026
A business core splitting into four activity paths as each passes through a different opening in a regulatory boundary.Text Link

FCA finalises cryptoasset perimeter guidance ahead of authorisation gateway

The FCA’s final perimeter guidance makes UK crypto authorisation an activity-level question before applications open on 30 September.

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September 18, 2026
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Glencore says Radiant World used falsified trade documents with financial institutions

Glencore says falsified invoices, contracts and emails were sent to financial institutions, exposing the limits of document-only verification.

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September 16, 2026
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Xinbi shows how criminal networks migrate across platforms and payment rails

The Xinbi case shows how illicit networks can migrate across marketplaces, apps and payment rails after regulatory intervention.

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September 10, 2026
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FATF warns underground banking is becoming a professional digital laundering network

FATF says underground banking is becoming more professional and digital, increasingly intersecting with fintech, payment platforms and virtual assets.

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September 4, 2026
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AMLA’s Ongoing Monitoring Consultation Closes Today

AMLA’s ongoing-monitoring consultation closes today, with draft guidance on customer updates, event-driven reviews and activity monitoring.

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September 3, 2026
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UK Treasury asks firms to demonstrate real-world AML outcomes

Editorial illustration of an AML filter stopping a high-risk business card and preserving a visible evidence trail of the outcome.

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August 31, 2026
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FinCEN targets Banque Misr UAE over 103 potential Iranian front companies

A proposed Section 311 rule would remove Banque Misr UAE’s US correspondent-banking access after FinCEN identified approximately $1.8 billion in transactions involving 103 potential Iranian shadow-banking front companies.

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August 29, 2026
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Switzerland extends Russia sanctions to crypto platforms and the digital rouble

New Swiss measures target Russian crypto-transfer platforms and support for certain Russian cryptoassets, showing how sanctions exposure can arise through the infrastructure a business uses.

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August 27, 2026
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ICIJ investigation highlights unresolved gaps in Tether’s ownership

An investigation based on historic share records, public filings and internal company files could not establish a complete current ownership picture of Tether, illustrating why KYB decisions need dated evidence and explicit confidence levels.

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August 25, 2026
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OFAC case shows why sanctions checks cannot stop at the distributor

An OFAC settlement involving indirect exports through a UAE distributor shows how end-user, destination and subsidiary risks can sit beyond the immediate counterparty.

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August 25, 2026
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AUSTRAC mortgage fraud review exposes gaps in connected business evidence

A cross-bank analysis found suspected fraudulent loans supported by false documents, fabricated business activity and recurring professional intermediaries.

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August 25, 2026
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FinCEN ends BOI reporting for US companies, but KYB obligations remain

FinCEN has made the domestic-company BOI reporting exemption permanent while covered financial institutions’ separate customer due diligence obligations remain.

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August 25, 2026
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Companies House turns identity verification into a registry control

Companies House is using identity verification, data validation, and enforcement powers to improve trust in the UK company register.

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July 31, 2026
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FATF warns crypto rules are still outpacing enforcement

FATF says virtual-asset regulation is expanding, but major gaps remain in licensing, supervision, enforcement, and cross-border implementation.

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July 31, 2026
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AMLA sets the rules for direct EU-level AML supervision

AMLA has finalised how national and EU supervisors will cooperate when selecting and directly supervising major cross-border financial institutions.

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July 30, 2026
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