Sanctions

China to Reinstate Tariffs on 134 Items Imported from Taiwan

01/06/2024

China says Taiwan has failed to reduce tariffs on mainland products as required by the 2010 Cross-Strait Economic Cooperation Framework Agreement.

Crypto / Digital Assets

UK Sees Launch of First Six Crypto ETN Products

31/05/2024

21Shares and WisdomTree launched a total six ETNs on the LSE, which are fully backed by physical holdings of Bitcoin or Ethereum.

Sanctions

OFAC Sanctions Two African Firms Linked to Russia’s Wagner Group

31/05/2024

Two companies were designated for enabling “Wagner Group security operations” and “illicit mining endeavors” in the Central African Republic.

Enforcement

ECB Set to Impose First Fines Over Climate Risk – Report

31/05/2024

As many as four banks are said to be already accruing daily fines, though mitigating factors could be taken into account.

AML / KYC

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.

Crypto / Digital Assets

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.

AML / KYC

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”.

ESG / Sustainability

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.

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.