Enforcement

ECB Fines Goldman Sachs for Miscalculating RWA

17/05/2023

Goldman’s European unit reported lower RWA for credit risk than it should have done for eight consecutive quarters.

Sanctions

Shipping Groups Seeking “Sanctions-proof” Contracts with China

17/05/2023

Shipping groups are reportedly seeking to insert clauses in their contracts that would allow them to cancel deals with Chinese counterparts due to sanctions.

Enforcement

OFAC Sanctions Key Actor in Russian Ransomware Ecosystem

16/05/2023

The Russian national helped to develop and deploy ransomware variants Hive, LockBit, and Babuk. A $10mn award is offered for information that leads to his arrest.

AML / KYC

Australia: New Cross-Industry Code to Require Banks to Reimburse Scam Victims

16/05/2023

The code will be enforceable and set clear expectations on the obligations of banks, telcos and social media platforms.

AML / KYC

Indian Authorities Investigating Three ‘Top Brokers’ – Reports

16/05/2023

Three top brokers, who were not named, were found to be engaged in “large-scale money laundering activities” with the involvement of PEPs.

AML / KYC

IMF Offers New Guidance on Combatting Terrorism Financing

16/05/2023

New downloadable book presents contributions by experts from the IMF, UN, Egmont Group, INTERPOL, and Europol.

AML / KYC

Australian Banks Launch New Fraud Reporting Platform

16/05/2023

The platform streamlines communications so banks can alert each other in real time when funds have been sent to a suspected scammer’s account.

Crypto / Digital Assets

US SEC Responds to Coinbase Request for Regulatory Clarity

16/05/2023

The SEC said it has no obligation to issue the “broad new regulations” for digital assets that Coinbase has requested.

Crypto / Digital Assets

BOK, Samsung to Collaborate on Offline CBDC Payments

16/05/2023

The agreement will involve further research on a BOK-issued CBDC and collaboration in the offline payments sector.