Fintech / Regtech

FSC Korea Enhances Regulatory Sandbox Mechanism

09/05/2024

The FSC is scrapping some requirements to expedite the sandbox’s application, review and approval processes.

Sanctions

OFAC Removes Sberbank Switzerland from Sanctions List

09/05/2024

Sberbank sold its Swiss subsidiary in September 2022 and the bank was then renamed to TradeXBank Ltd.

Crypto / Digital Assets

Singapore Law Firm Pays $1.4m Ransom Demand

08/05/2024

The law firm was initially asked to pay $2mn, but the Akira ransomware group agreed to lower the amount after negotiations.

Enforcement

US SEC Notifies Robinhood of Pending Enforcement Action

08/05/2024

The action is related to the cryptocurrencies offered on Robinhood’s platform, some of which may be classified by the SEC as securities.

Sanctions

Russia Court Authorises Seizure of JPM, Commerzbank Assets

08/05/2024

The arbitration court authorised the seizure of $13.3mn from Commerzbank (Eurasia) JSC, a subsidiary of JPMorgan and Commerzbank.

US to Ban Certain Incentive-Based Compensation Arrangements

08/05/2024

The proposed ban will also apply to US branches of foreign banks and certain subsidiaries of US financial institutions.

Sanctions

Iran Reliant on Malaysia to Finance Terrorist Proxies: US Official

08/05/2024

US officials express concern about the use of Southeast Asian service providers to route illicit sales of Iranian oil.

ESG / Sustainability

ASIC to Update Guidance for Carbon Market Participants

08/05/2024

The proposed updates seek to address the implications of the safeguard mechanism reforms which commenced on 1 July 2023.

Sanctions

OFAC Deploys New Sanctions List Service

08/05/2024

The new service is intended to provide users with easy access to the most up-to-date sanctions lists and sanctions list data.