AML / KYC

China: Amended Law Strengthening Bribery Penalties Takes Effect

04/03/2024

The amended law defines seven “severe” offences related to bribery, specifies higher penalties for such offences, and now also covers private enterprises.

AML / KYC

1,200 Victims Freed from ‘Notorious’ Scam Centre in Myanmar

04/03/2024

Most of the rescued victims are Chinese nationals, who are being taken to an airport in Thailand and flown back to China.

Enforcement

Boeing Fined $51m for Arms Export Control Violations

04/03/2024

Boeing is also required to engage a special compliance officer for at least two years and spend a further $24mn on strengthening its compliance programme.

Sanctions

EU Commission Launches New Sanctions Tracking Tool

04/03/2024

The tracker shows that a total of 3,677 individuals and 1,018 entities are currently listed across the EU’s 35 sanctions regimes.

Sanctions

Japan Announces New Round of Sanctions on Russia

04/03/2024

The sanctions target a total of 12 individuals and 37 entities, add new export restrictions, and implement the G7 ban on Russian diamonds.

Crypto / Digital Assets

Russia Re-rated on Four FATF Recommendations

04/03/2024

Russia was upgraded on R.6, R.7, and R.25, and downgraded on R.15 because digital currency activities are largely unregulated.

Sanctions

Canada Sanctions Six Over Death of Alexei Navalny

03/03/2024

The targets include senior officials and high-ranking employees of Russia’s prosecution, judicial and correctional services.

Fintech / Regtech

China to Improve Payment Convenience for Foreign Visitors

03/03/2024

Alipay and WeChat Pay are directed to raise their transaction limits for foreigners and improve their ability to link to foreign bank cards.

Enforcement

NY Court Allows Bangladesh Case Against RCBC to Proceed

03/03/2024

Bangladesh Bank’s lawsuit against the Philippines’ RCBC and its senior executives will be allowed to proceed, minus three causes of action.