Payments & Settlements

Malaysia, Thailand Commencing Procedures to Join BRICS

24/06/2024

Thailand has submitted a formal letter of intent to join BRICS. Malaysia has decided to join and will start work on the formal procedures “soon”.

AI Risk & Governance

EU Commission Launches Consultation on Use of AI in Finance

23/06/2024

The consultation and a series of workshops target all financial stakeholders, covering use cases, benefits, barriers, risks and stakeholder needs.

PEPs & Sanctions

Japan Foreign Ministry Announces New Russia Sanctions

22/06/2024

The new measures include a prohibition on exports to 14 entities based in Russia, as well as companies based in China, Hong Kong, India, Kazakhstan and Uzbekistan.

PEPs & Sanctions

EU Ambassadors Agree on 14th Russia Sanctions Package

22/06/2024

The package includes sanctions on Russia’s LNG sector, the SPFS financial messaging system, and entities in third countries that allegedly helped Russia.

PEPs & Sanctions

OFAC Sanctions 12 Execs of Cybersecurity Firm Kaspersky Lab

22/06/2024

Kaspersky products, services, and software updates will also be banned in the US starting from 29 September due to the company’s Russian ties.

Anti-Money Laundering

Myanmar Junta Targets Privately Owned Yoma Bank and CEO

22/06/2024

Yoma Bank and its CEO are being investigated by the military junta for transferring assets to Thailand and offering financing for overseas real estate purchases.

Fraud, Scams & Cybercrime

Singapore Sets Anti-Scam Obligations for E-Commerce, Messaging Platforms

21/06/2024

Failure to comply with the new codes of practice will be considered a criminal offence under the Online Criminal Harms Act, which took effect in February.

Anti-Money Laundering

FinCEN Issues Advisory to Aid Detection of Fentanyl Trafficking

21/06/2024

The advisory says FIs should look out for counterparties that are chemical or pharmaceutical companies in China, Hong Kong, or other jurisdictions, especially if they use shared addresses.

Market Abuse

ASIC Fines Ascot Securities for Failure to Detect Suspicious Trades 

21/06/2024

Ascot Securities should have suspected a client’s orders were manipulative, ASIC’s Markets Disciplinary Panel said.