Anti-Money Laundering

Switzerland Fines UBS for Yemen-Linked AML Failures

31/05/2024

The bank failed to perform its due diligence obligations and to report suspicious transactions linked to Yemen’s former president.

Cryptocurrency

NYDFS Sets Customer Service Standards for Crypto Firms

31/05/2024

New NYDFS guidance sets expectations for crypto firms regarding customer service, complaints response and resolution, and reporting.

Fraud, Scams & Cybercrime

Swift Announces Industry Partnership to Combat Fraud With AI

31/05/2024

FIs will share data with privacy-preserving controls so that AI can be used to detect fraud patterns from a “much richer dataset”.

Trading & Investment

European Energy Exchange Establishes Japanese Subsidiary

31/05/2024

EEX said the subsidiary will help it reinforce its presence and strengthen ties with the local trading community and authorities.

PEPs & Sanctions

China Announces Export Controls Targeting Aviation Parts

31/05/2024

From 1 July, a special licence from MOFCOM will be needed to export aviation and aerospace structural components and other items.

Cryptocurrency

NYSE to Launch Cash-settled Bitcoin Index Options

31/05/2024

The options contracts will track the CoinDesk Bitcoin Price Index and are subject to regulatory approval.

Payments & Settlements

Tencent Directed to Reduce WeChat Pay’s Market Share – Report

30/05/2024

Regulators reportedly directed Tencent to reduce WeChat Pay’s market share for in-person QR payments.

Anti-Bribery & Corruption

Chinese Court Hands Death Sentence to Former Huarong Official

30/05/2024

Bai Tianhui is the second Huarong official to receive a death sentence for corruption after Lai Xiaomin in 2021.

Cryptocurrency

‘Gemini Earn’ Investors Secure Return of $2b in Crypto Assets

30/05/2024

Investors are receiving their digital assets “in kind”, meaning they benefit from crypto price increases since withdrawals were halted in January 2023.