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.

Enforcement

Singapore: Next Phase of FSMA Implementation Has Commenced

14/05/2024

MAS can now impose fines up to S$1mn for non-compliance with technology risk management requirements.

Crypto / Digital Assets

US Orders Chinese-owned Crypto Miner to Sell Land

14/05/2024

Presidential order says MineOne Partners did not notify CFIUS before buying land next to an Air Force base.

Fintech / Regtech

Mastercard Commences Bank Card Clearing Business in China

14/05/2024

Mastercard is the second overseas bank card clearing institution to start operating in China, after Amex in 2020.