Sanctions

US, Türkiye Agree on New ‘Sanctions Compliance Scheme’

22/03/2024

Under the new scheme, the US will allow Turkish authorities to first investigate potential sanctions violations before action is taken against Turkish companies.

Sanctions

More Chinese Banks Stop Accepting Russian Payments – Reports

22/03/2024

Ping An Bank, Bank of Ningbo, Guangfa Bank and Shenzhen Rural Commercial Bank are among those that have all stopped accepting yuan payments from Russia.

Sanctions

US Pressure Forces Austria’s Raiffeisen to Back Out of Russia Deal

22/03/2024

The deal would have helped to reduce Raiffeisen Bank’s exposure to Russia, but it would have involved a transaction with a sanctioned Russian oligarch.

Sanctions

OFAC Sanctions Nicaragua’s Attorney General for Corrupt Practices

21/03/2024

OFAC said Nicaragua’s Attorney General facilitated the theft of real property formerly belonging to independent media outlets, NGOs, and political prisoners.

AML / KYC

Top HK Official Addresses Frozen Remittances in Mainland China

21/03/2024

94 of 161 cases of frozen remittances from 2023 have been resolved as a result of the Customs and Excise Department’s intervention and bilateral negotiation.

Fintech / Regtech

Thailand Opens Applications for Virtual Bank Licences

21/03/2024

True Corp, Gulf Energy Development and Siam Commercial Bank’s holding company are among those planning to apply for a licence.

HSBC Wins Taiwan Approval to Serve High-net-worth Clients

21/03/2024

HSBC is the first foreign bank subsidiary in Taiwan to receive the approval to offer wealth management services to high-net-worth clients.

AML / KYC

UK Gov, Banks Disagree on Suspended Accounts Scheme

21/03/2024

The scheme would allow banks to transfer funds that have been suspended due to criminal suspicions to the government to finance its efforts to crack down on financial crime.

Sanctions

OFAC Targets Procurement Networks Used for Iran Weapons Programmes

21/03/2024

The sanctions target 5 individuals and 10 companies they own or use to facilitate procurements for Iran’s nuclear and other military weapons programmes.