On October 1, 2026, the U.S. Department of the Treasury took action against the A7 Network, a shadow banking network with ties to Russia that Iran has used to evade sanctions. As part of Operation Economic Outcast, the Financial Crimes Enforcement Network (FinCEN) proposed a rule that would prohibit certain fund transfers involving the network’s sub-agents. FinCEN also issued an alert to help financial institutions identify and report suspicious activity connected to the network, while OFAC sanctioned the A7 Network as a significant transnational criminal organization.

Read the full notice here.

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On October 1, 2026, the U.S. Securities and Exchange Commission proposed new rules that would create a clearer framework for how registered investment advisers and regulated funds can hold and manage crypto assets. The proposal would address custody requirements, allow self-custody of crypto assets in certain situations, and allow state trust companies to serve as qualified custodians under certain conditions. The proposed rules and amendments fall under the Investment Advisers Act of 1940 and the Investment Company Act of 1940, with the goal of modernizing custody rules while continuing to protect investors.

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On September 28th, 2026, A U.S. Senate Permanent Subcommittee on Investigations report examined 846 cryptocurrency wallets sanctioned or targeted for seizure because of alleged links to Iran and affiliated actors, finding that a large majority had transacted primarily in USDT. The report raises concerns about the role dollar-backed stablecoins can play in sanctions evasion and shadow-banking networks, while Tether has emphasized its cooperation with U.S. and international authorities in freezing Iran-linked assets.

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On September 24, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced regulatory changes that consolidate existing information on sanctions enforcement procedures, penalties, and the rights of people being investigated into a new section called the Sanctions Penalties Regulations. OFAC is also updating its regulations related to Syria following the removal of its State Sponsor of Terrorism designation and released a quarterly report covering licensing activities involving agricultural goods, medicine, and medical devices exported to Iran.

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On September 28th, 2026, A U.S. Senate Permanent Subcommittee on Investigations report examined 846 cryptocurrency wallets sanctioned or targeted for seizure because of alleged links to Iran and affiliated actors, finding that a large majority had transacted primarily in USDT. The report raises concerns about the role dollar-backed stablecoins can play in sanctions evasion and shadow-banking networks, while Tether has emphasized its cooperation with U.S. and international authorities in freezing Iran-linked assets.

Read the full notice here.

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On September 24th, The Federal Reserve stated they are seeking public comment on two proposals that would establish a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act. The proposals would require stablecoins to be fully backed by permissible reserve assets, establish capital and risk-management requirements, set standards for reserve-asset custody and create an application process for banks seeking to issue payment stablecoins.

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On September 14, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated VTB Bank, a major Russian financial institution, for its involvement in helping Iran evade sanctions. The action, which was a component of Operation Economic Outcast, concentrated on VTB's attempts to transfer billions of dollars in frozen Iranian assets and its connections with sanctioned Iranian banks. The designation raises the possibility of sanctions for financial institutions that continue to do business with the bank and restricts VTB's assets under U.S. jurisdiction.

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On September 9, 2026, Xinbi Guarantee, a Chinese-language platform often utilized by Chinese cybercriminals, was sanctioned by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). The platform runs an illegal online marketplace that aids scammers and cybercriminals in financial fraud, money laundering, and other illegal activities targeted towards Americans. The marketplace has processed more than $24 billion in fiat currency and digital assets since about 2022. As part of a broader initiative to disrupt the network and its fraudulent activities, OFAC also sanctioned two companies that gave Xinbi financial and technological support.

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The U.S. Department of the Treasury announced on September 9, 2026, that its Financial Crimes Enforcement Network (FinCEN) had found approximately $17.5 billion in suspicious financial activity that could be potentially linked to health care fraud. After examining over 5,700 financial institution records, FinCEN found suspected fraud involving private insurance, Medicare, and Medicaid. Additionally, the report revealed that some of the suspected fraud earnings were used for luxury purchases, personal expenses, and overseas transfers.

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On September 8, 2026, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing an Alert to assist financial institutions in identifying and reporting procurement networks supporting Iran’s aviation industry, which the Iranian regime uses to transport weapons, funds, and personnel in support the Islamic Revolutionary Guard Corps (IRGC) and its terrorist proxies. This Alert supports Operation Economic Outcast, the Trump Administration’s campaign to sever the economic lifelines that sustain the Iranian regime and the IRGC. Concurrently, the U.S. Department of the Treasury’s Office of Foreign Assets Control sanctioned 36 entities and individuals across multiple jurisdictions today for supporting Iran’s aviation sector.

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On September 3rd, 2026, the DOJ, the UK National Crime Agency, and Crown Prosecution Service signed an MOU allowing parallel investigations, information sharing, and coordination over where common cases should be prosecuted. The initiative focuses on cryptocurrency investment fraud, cyber-enabled scams, money laundering, human trafficking, and organized criminal groups operating scam compounds, particularly in Southeast Asia.

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On September 3rd 2026, FinCEN analyzed 33,904 BSA reports representing roughly $12.7 billion in suspected activity and issued both a Financial Trend Analysis and a new alert. The findings highlight Southeast Asia based scam compounds, shell companies, professional money launderers, mule networks, stablecoins, fake investment platforms and “guarantee marketplaces” that sell criminal services.

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FINTRAC announced today that it has imposed an administrative monetary penalty on the New Brunswick Lotteries and Gaming Corporation. Following a compliance examination, this reporting entity in the casino sector, headquartered in Fredericton, New Brunswick, was imposed an administrative monetary penalty of $399,712.50 on July 24, 2026, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and associated Regulations.

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FINTRAC announced today that it has imposed an administrative monetary penalty on Nova Scotia Gaming Corporation. Following a compliance examination, this reporting entity in the casino sector, headquartered in Halifax, Nova Scotia, was imposed an administrative monetary penalty of $231,826 on July 23, 2026, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.

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On September 2nd 2026, FinCEN, the Fed, FDIC, NCUA, and OCC jointly clarified that SAR confidentiality rules do not prevent banks from discussing potentially fraudulent transactions, suspicious activity, or account closures with customers, crucially, if they dont reveal the context or existence of a SAR. The statement was aimed at banks so they can provide customers with transparent and timely communication as a part of the banks fraud investigation.

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Today, at President Trump’s direction, the U.S. Department of the Treasury has begun Operation Economic Outcast: an unprecedented, whole-of-government, economic campaign against the Islamic Republic of Iran and its enablers.

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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis showing that financial institutions flagged nearly $5 billion linked to suspected human smuggling over a three-year period. The report, which analyzed patterns and trends identified in Bank Secrecy Act (BSA) data between 2023 and 2025, identified several consistent indicators, including unverifiable relationships between originators and beneficiaries, transactions sent along common migration routes, and excessive cash activity conducted along the southwest border of the United States

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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act.

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Today, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed a $125,000,000 civil money penalty against UBS Financial Services Inc. (UBSFS) for willful violations of the Bank Secrecy Act (BSA), the primary U.S. anti-money laundering and countering the financing of terrorism law that safeguards the financial system from illicit use. This is the largest penalty ever imposed against a broker-dealer for BSA violations to date.

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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Alert urging financial institutions to detect, prevent, and report suspicious activity connected to fraud schemes targeting student aid programs administered by the Federal government. Today’s action is the latest in Treasury’s efforts to eliminate government benefits fraud.

What ACFCS members should know about this alert:

The alert introduces specific SAR instructions: institutions should use the key term “FIN-2026-FSAFRAUD” and identify the activity as “Federal Student Aid Fraud.” FinCEN notes that the schemes can involve foreign fraud rings and that the Department of Education prevented more than $1 billion in attempted student-aid fraud during 2025

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On 21 July, 2026, FinCEN Director Andrea Gacki testified before the House Committee on Financial Services - Subcommittee on National Security, Illicit Finance, and International Financial Institutions. Director Gacki provided an update on FinCEN’s work to combat fraud schemes that take money away from hardworking Americans and discussed efforts to modernize the Bank Secrecy Act regime to address both today’s illicit finance threats, as well as future risks.

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The U.S. Attorney’s Office for the Northern District of Ohio has announced the unsealing of an indictment charging three Russian nationals for their roles in malicious cyber activities against U.S. critical infrastructure affecting victims in 21 states and in several countries, with losses amounting to tens of millions of dollars. These charges are the result of a seven-year-long investigation.

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The Federal Reserve Bank of Chicago entered into a written agreement with TS Banking Group and TS Contrarian Bancshares requiring them to strengthen capital and cash-flow planning and provide financial and managerial support to their subsidiary banks. The agreement also restricts dividends, share repurchases, capital distributions, and new debt without prior regulatory approval.

What ACFCS members should know about this alert: This action shows how problems at one subsidiary bank can climb the corporate ladder and trigger restrictions on the entire holding-company structure. It is especially useful for compliance and risk professionals because it connects governance, capital, liquidity, contingency planning, and board oversight, illustrating that regulatory weaknesses are rarely confined to one department or legal entity.

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The Office of the Comptroller of the Currency (OCC) is highlighting the updated Section 314(b) Fact Sheet recently issued by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Among other guidance, FinCEN’s updated Section 314(b) Fact Sheet clarifies how financial institutions can share information with each other about suspected fraud under section 314(b) of the USA PATRIOT Act (section 314(b)), which provides financial institutions with the ability to share information with one another, under a safe harbor that offers protections from liability, to improve the identification and reporting of activities that may involve money laundering or terrorist activities.

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The Federal Reserve Board on July 7, 2026 requested comment on a proposal to amend its requirements for banks to maintain anti-money laundering programs. The amendments are intended to align with changes to anti-money laundering program requirements separately proposed by four other agencies. Comments on the proposal are due 60 days after publication in the Federal Register.

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The Federal Reserve issued a prompt corrective action directive against Small Business Bank of Kansas while terminating prior enforcement actions against BNP Paribas and Community Bankshares.

What ACFCS members should know about this alert: The announcement illustrates both sides of the regulatory cycle: new supervisory intervention where deficiencies remain and formal closure once institutions have satisfied earlier enforcement requirements.

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The Federal Reserve issued a consent cease and desist order against Jason Burns, a former president and director of Bank of Eufaula and director of S N B Bancshares, Inc., over alleged unsafe or unsound practices tied to loans and overdrafts for a company owned by a close relative of the bank’s CEO. The order says Burns helped approve more than $5 million in loans, repeatedly approved or waived overdrafts exceeding $1 million, and produced board minutes that falsely reflected approvals, including for a Main Street Lending Program loan, resulting in more than $3.5 million in bank losses and about $1.88 million in losses to a Federal Reserve special purpose vehicle.

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The Federal Reserve Board announced on June 25, 2026, the termination of its 2024 cease and desist order against Jiko Group, Inc., a San Francisco-based bank holding company. For ACFCS members, the action is a reminder that enforcement orders do not end with issuance: institutions must demonstrate sustained remediation around governance, financial condition, capital planning, liquidity, and related risk management before regulators will formally close the supervisory chapter.

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Treasury announced coordinated actions to further disrupt the Prince Group Transnational Criminal Organization, sanctioning nine individuals and 26 entities tied to its scam operations, leadership, investors, and front companies. Read the full notice here.

FinCEN also proposed expanding its Huione Group rule to cover H-Pay Service PLC, citing Huione’s role in laundering proceeds from cyber heists and virtual currency scams used by Prince Group. Treasury framed the move as part of a broader effort to dismantle Southeast Asia-based scam networks targeting Americans.

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The Federal Reserve barred Thomas Engelbrecht, former CEO and director of Bank of Eufaula and former director of S N B Bancshares, from future participation in the banking industry and imposed a $125,000 fine. The Fed said Engelbrecht used his position to cause the bank to make imprudent credit extensions to a relative’s company and participated in fabricating board meeting minutes.

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On September 25th, 2026, The European Commission has opened infringement proceedings against 18 member states for failing to fully implement provisions of the Sixth Anti-Money Laundering Directive governing access to beneficial ownership registers. The rules are designed to ensure that competent authorities, obliged entities, self-regulatory bodies and other authorized users can access ownership information needed for customer due diligence and financial-crime investigations.

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The Financial Conduct Authority (FCA) of the United Kingdom declared on September 17, 2026, that it had taken more action against illicit peer-to-peer cryptocurrency trading in London. The FCA sent cease and desist letters to three locations suspected of running unregistered cryptocurrency companies in collaboration with HM Revenue & Customs (HMRC) and the Metropolitan Police Service. Because these companies operate outside of the FCA's anti-money laundering regulations, they may provide chances for criminals to transfer and launder illegal monies.

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On September 16, 2026, the UK’s Financial Conduct Authority (FCA) opened an investigation into Euro Exchange Securities UK Ltd (EES) over potential breaches of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (The MLRs). The investigation will determine whether EES appropriately evaluated the risks of money laundering and upheld sufficient measures, such as internal oversight, transaction monitoring, record-keeping, and customer due diligence. The FCA stated that no judgments have been reached regarding whether EES violated the regulations, and the investigation continues to be in progress.

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The UK government and the Cellular Operators Association of India announced a new memorandum of understanding aimed at strengthening cooperation against digital fraud and scams. The agreement will support information and knowledge sharing between the UK and Indian telecommunications industries and explore how artificial intelligence and other technologies can be used to strengthen network security and fraud resilience.

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On September 15th, 2026, The UK government published a new three-year strategy setting national priorities for combating money laundering and recovering criminal assets. The plan includes £500 million in investment and 500 additional financial-crime officers across police, the National Crime Agency and Crown Prosecution Service, alongside expanded financial-intelligence capabilities, technology investment and public-private cooperation. The government says the strategy will focus on disrupting professional laundering networks, tracing and seizing criminal assets and pursuing cross-border illicit finance.

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The UK Home Office reported a significant increase in financial-crime asset recovery during the year ending March 2026, with confiscation receipts linked to money-laundering offenses rising from £9.6 million to £33.2 million. Bank-account forfeitures also increased 54% to £100.4 million, while fraud-related forfeitures climbed to £39 million, the highest level recorded in the six-year data series. The figures suggest UK authorities are making greater use of asset-freezing, forfeiture, and recovery powers to disrupt criminal proceeds and strengthen enforcement against money laundering and fraud.

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On September 9th and 10th, the European Union’s Anti-Money Laundering Authority (AMLA) is advancing draft standards aimed at creating a more consistent approach to financial crime supervision across the EU. The proposals include standardized formats for reporting suspicious activity and transaction information to Financial Intelligence Units, as well as a common methodology for assessing the inherent and residual money laundering and terrorist financing risks of regulated entities. If adopted, the measures could significantly influence how firms report suspicious activity and how supervisors evaluate AML/CFT risk across EU member states.

Read the full notice here. [9 September]

Read the full notice here. [10 September]

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On September 8, 2026 Al-Qard Al-Hasan (AQAH) was added to the United Kingdom's Foreign, Commonwealth & Development Office's (FCDO) list of international counterterrorism sanctions . The group, which functions as a financial services and philanthropic organization in Lebanon, was singled out due to its affiliation with Hizballah, as well as the fact that it provides financial services and makes money available to support terrorism. An asset freeze and director disqualification penalties were enforced by the UK, which means that money associated with AQAH must be frozen and cannot be made available to the organization.

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On September 3rd, 2026, the DOJ, the UK National Crime Agency, and Crown Prosecution Service signed an MOU allowing parallel investigations, information sharing, and coordination over where common cases should be prosecuted. The initiative focuses on cryptocurrency investment fraud, cyber-enabled scams, money laundering, human trafficking, and organized criminal groups operating scam compounds, particularly in Southeast Asia.

Read the full notice here.

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The Council adopted the 21st package of restrictive measures against Russia in response to its war of aggression against Ukraine. It includes harsh economic sanctions hitting the sectors that have the greatest impact on Russia’s economy and its ability to fuel its war of aggression against Ukraine, and the largest batch of individual listings of the last four years, totalling 218, of which 48 individuals and 170 entities.

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AMLA introduced new standards for how EU supervisors should assess and enforce AML/CFT breaches, aiming for the same type of breach to receive a more consistent enforcement response across Member States.

What ACFCS members should know about this alert: This is a strong regulatory-governance alert for compliance teams because it signals more harmonized AML enforcement across the EU.

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The UK Financial Reporting Council sanctioned audit firm King & King and auditor Milankumar Patel over deficient audits of four GFG Alliance-linked companies. The FRC said the firm’s heavy fee dependence on GFG entities created self-interest threats that compromised auditor independence and objectivity, leading to ethics and audit-quality failures. Sanctions include financial penalties, severe reprimands, restrictions on King & King taking certain audit work, and a three-year ban on Patel performing statutory audit work.

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On September 18th, Singapore published amendments to its Casino Control (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Regulations, effective September 21, 2026. The changes strengthen customer-identification and verification requirements around transactions of S$4,000 or more, expressly extend checks to persons acting on behalf of patrons, and revise enhanced-due-diligence treatment for politically exposed persons and other higher-risk relationships.

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HKMA has issued multiple recent alerts about fraudulent bank websites, fake login screens, phishing emails, and HKICL-related fraud schemes. These are more consumer-fraud focused than AML policy focused, but they are still relevant for FCC teams tracking scam typologies, impersonation risk, mule-account activity, and payments fraud in Asia-Pacific.

What ACFCS members should know about this alert: While these alerts appear to be consumer-fraud focused, they are relevant for FCC teams tracking scam typologies, impersonation risk, mule-account activity, and payments fraud in Asia-Pacific.

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The Hong Kong Interbank Clearing Limited (HKICL) has recently noted a fraudulent website at hxxps[:]//hkfps[.]life purported to be from the HKICL. The fraudulent website imitates as “Buyer Online Protection” to provide services including 1) refund to buyer, 2) unauthorised online transaction reporting, and 3) online transaction support, for online transaction over FPS payment.

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The Hong Kong Interbank Clearing Limited (HKICL) has recently noted a fraudulent website at hxxps[:]//hkfps[.]life purported to be from the HKICL. The fraudulent website imitates as “Buyer Online Protection” to provide services including 1) refund to buyer, 2) unauthorised online transaction reporting, and 3) online transaction support, for online transaction over FPS payment.

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The Hong Kong Monetary Authority warned the public about fraudulent websites and fake internet banking login screens impersonating Shanghai Commercial Bank, Chong Hing Bank, and OCBC Bank Hong Kong. HKMA reminded customers that banks will not send transaction links by SMS or email or request passwords or one-time passwords through phone, email, or embedded hyperlinks, and urged victims to contact their bank and report to Hong Kong Police.

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Western Union and its Australian branch are the subject of an AUSTRAC investigation that focuses on the company's AML/CTF program, transaction monitoring, high-risk clients and transactions, money-laundering typologies, and governance procedures.

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Update to July 1, 2026 article: The next step in Australia’s AML/CTF guidance - This August 28, 2026 article details how businesses are now being checked by AUSTRAC to make sure they have enrolled and are abiding by the new regulations.

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AUSTRAC entered into an enforceable undertaking with bet365, requiring the online bookmaker to strengthen its AML controls after identifying serious gaps in risk assessment, suspicious transaction reporting, and evolving risk monitoring.

What ACFCS members should know about this alert: The release is useful for compliance officers because it highlights gambling and online betting as high-risk sectors where fast-moving digital transactions can be exploited for money laundering.

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AUSTRAC announced that Australia’s AML/CTF regime now applies to thousands more businesses, including real estate agents, lawyers, accountants, conveyancers, and precious metals/stones dealers.

What ACFCS members should know about this alert: The compliance takeaway is that gatekeeper professions and property-linked services are being pulled deeper into AML obligations because criminals use these sectors to hide ownership, disguise source of funds, and move illicit money.

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n September 25, 2026, Kenya’s Ethics and Anti-Corruption Commission (EACC) identified major compliance and financial management issues involving County Aggregation and Industrial Parks projects across the country. The investigation uncovered irregular payments, poor project planning, and weaknesses in procurement procedures. Some counties awarded contracts that exceeded approved budgets, while one county paid a contractor KSh 95.59 million before construction began. The EACC recommended stronger financial controls, regular audits, and improved oversight to address these issues and prevent potential corruption and misuse of public funds.

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The EFCC reported recovering ₦1.233 trillion and securing 10,872 convictions during the first 34 months of Chairman Ola Olukoyede’s tenure, alongside the forfeiture of more than 10,000 tangible assets. The agency attributed these results to expanded investigations into money laundering, cybercrime, virtual assets, illegal currency trading and other economic crimes, as well as stronger domestic and international cooperation. The figures reflect the EFCC’s growing emphasis on prevention, asset recovery and returning criminal proceeds to victims and public-benefit programs.

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