Regulatory Roundup

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.

Read the full notice here.

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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.

Read the full notice here.

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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.

Read the full notice here.

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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.

Read the full notice here.

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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.

Read the full notice here.

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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.

Read the full notice here.

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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.

Read the full notice here.

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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.

Read the full notice here.

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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.

Read the full notice here.

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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.

Read the full notice here.

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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.

Read the full notice here.

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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.

Read the full notice here.

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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 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.

Read the full notice here.

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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.

Read the full notice here.

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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.

Read the full notice here.

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