China: ICBC Establishes Armed Forces Department

28/04/2024

The department is meant to serve as a reserve force to respond to natural disasters, help maintain “social order”, and provide support during wartime.

AML / KYC

UK FCA Proposes Updates to Financial Crime Guide

28/04/2024

The updates cover regulatory expectations on sanctions, proliferation financing, transaction monitoring, and cryptoassets, among other areas.

Sanctions

Russia Places Two EU Companies Under Gazprom Management

28/04/2024

Italy’s Ariston and Germany’s BSH Hausgeraete were placed under the management of JSC Gazprom Household Systems.

Enforcement

China Investigates Senior CSRC Official for Corruption

27/04/2024

Yao Qian was director of the CSRC’s Science and Technology Supervision Department. An investigation into a Bank of China official was also launched.

Japan FSA Scrutinising Bank Lending Practices – Reports

27/04/2024

The FSA is concerned that non-performing loans could emerge following the move away from negative interest rates starting last month.

AML / KYC

US DOJ Charges Founders of Crypto Mixer “Samourai Wallet”

27/04/2024

Over around ten years, Samourai Wallet was used to launder over $100mn in crime proceeds, earning the founders at least $4mn in fees.

Sanctions

France Proposes New Sanctions to Target Russian Disinformation

27/04/2024

The sanctions would target the disinformation on social media, the use of AI-generated deep fakes, the creation of fake websites, and election interference.

Securities / Derivatives

China Works to Curb Domestic Access to Offshore LGFV Debt

27/04/2024

Registrations stop for new credit-linked notes backed by offshore LGFV debt. QDLP fund managers asked about exposures to offshore LGFV debt.

Sanctions

Japan Proposes to Tighten Export Control Regulations

27/04/2024

Companies would be required to report transfers of technology in areas where Japan has an advantage over other countries, and seek approval for such exports.