AML / KYC

Wolfsberg Group Addresses Role of Internal Audit Function

29/03/2024

The Group offers a set of principles as guidance for the IA function to promote effective financial crime risk management within FIs.

Sanctions

US and South Korea Jointly Announce New DPRK Sanctions

29/03/2024

The US and South Korea also launched a new task force that will work to disrupt North Korean refined oil procurement networks.

Sanctions

Businesses Have Lost Over $100bn From Russia Exits – Report

28/03/2024

Russia has steadily tightened its exit requirements as sanctions pressure has ramped up. It now demands discounts of at least 50% on foreign asset sales.

Sanctions

Russia Buys its Own Diamonds to Support State-owned Alrosa

28/03/2024

The Russian government is for the first time in 15 years procuring diamonds from Alrosa, which has been targeted by sanctions.

Sanctions

US, UK Probing $20b in Tether Transfers to Russia’s Garantex – Report

28/03/2024

There is no immediate suggestion of wrongdoing by Tether Holdings, the BVI-incorporated issuer of USDT.

Securities / Derivatives

HKMA, SFC Call on Firms to Ensure Readiness for US Move to T+1

28/03/2024

Firms should consider deploying additional staff and or making adjustments to work shifts or working hours to cope.

Crypto / Digital Assets

HSBC Launches Tokenised Gold Product in Hong Kong

28/03/2024

The product allows investors to acquire fractional ownership of physical gold represented by tokens recorded on a distributed ledger.

Sanctions

US Warns Pakistan Against Proceeding With Iran Pipeline Project

27/03/2024

Iran has already invested $2bn in the project. Pakistan is seeking a US sanctions waiver to go ahead with construction on its leg of the pipeline.

Sanctions

Russia Launches Scheme to Unblock Foreign Securities

27/03/2024

Russian broker is accepting offers from Russians looking to free up overseas-held shares affected by sanctions.