AML / KYC

FinCEN, SEC Propose AML Rule for Investment Advisers

16/05/2024

The rule, if adopted, would require investment advisers to implement procedures for verifying the identity of each customer.

Crypto / Digital Assets

StanChart, Mastercard Complete PoC Involving Tokenised Carbon Credits

15/05/2024

Mastercard, StanChart, Mox Bank and Libeara are partnering to catalyse the adoption of tokenisation in financial assets.

Sanctions

Australia Issues New Sanctions Over “Iran’s Destabilising Behaviour”

15/05/2024

Five individuals and three entities were targeted, including senior officials who contribute to Iran’s missile and drone programmes.

Sanctions

OFAC Sanctions Four Targets Over Sanctions Evasion Scheme

15/05/2024

The targets were involved in a scheme to disguise the ownership of shares to facilitate divestment by a sanctioned Russian oligarch.

AML / KYC

FATF, UNODC, INTERPOL Issue Joint Call to Action

14/05/2024

Countries are asked to step up their efforts to target the illicit profits generated by transnational organised crime.

Crypto / Digital Assets

CFTC Fines Crypto Firm FalconX $1.8m for Failure to Register

14/05/2024

FalconX allowed US customers to trade in crypto derivatives without registering as a futures commission merchant.

Enforcement

Australian Court Dismisses Class Action Against CBA

14/05/2024

The class action alleged that CBA failed to disclose its AML contraventions for several years before it was eventually fined A$700m in 2018.

Capital / Liquidity

Japan Outlines Plans for Next Climate Scenario Analysis Exercise

14/05/2024

The results of the first exercise were published in August 2022. The second exercise will cover a shorter time horizon.

Market Infrastructure

China Issues Data Security Rules for Accounting Firms

14/05/2024

The rules require audit working papers to be stored within China. Encryption devices and encryption keys must also be in China.