Sanctions

OFAC Issues Update on Infrastructure Modernisation Initiatives

22/08/2024

OFAC has released updated FAQs to make sanctions compliance easier and launched a new online platform for the public to submit queries.

Fintech / Regtech

China, Vietnam Sign MOU on Cross Border Payment Connectivity

22/08/2024

The PBOC and SBV signed an MOU focusing on local currency settlement, currency swaps, and cross-border payment connectivity.

Enforcement

Latvia Extradites Citizen to Face US Charges for Russian Exports

22/08/2024

Oleg Chistyakov conspired with two US nationals to sell sophisticated avionics equipment to Russian companies, in violation of sanctions.

AML / KYC

South Korea Implements Measures to Prevent Insurance Fraud

22/08/2024

South Korea has intensified its efforts to combat insurance fraud with the enactment of new laws and extensive public awareness campaigns.

Capital / Liquidity

Taiwan Considers New Measures to Control Property Speculation

22/08/2024

Banks are asked to develop “specific quantitative improvement plans” for managing the concentration of loans in the real estate sector.

Enforcement

PwC Braces for Potential 6-Month Ban in China – Reports

22/08/2024

PwC is reportedly preparing for a potential 6-month ban in China over its audit of troubled property developer China Evergrande Group.

Fintech / Regtech

BIS Innovation Hub to Develop ISO 20022 Data Analytics Platform

22/08/2024

The Project Keystone platform will support the growing adoption of ISO 20022 standards in payment systems worldwide.

Securities / Derivatives

Korea Introduces New Rules for Online Investment Advisers

21/08/2024

Firms that offer investment advice through social media and stock trading chatrooms will be regulated as investment advisory firms.

Sanctions

US Sanctions Former Haitian President for Drug Trafficking

21/08/2024

OFAC said Michel Joseph Martelly facilitated the trafficking of dangerous drugs, laundered illicit drug proceeds, and sponsored criminal gangs.