AML / KYC

AML / KYC

US Sanctions Asia Firms for Facilitating Iranian Oil Sales

By Editors | 01/10/2022

The US designated companies based in China, the UAE, Hong Kong and India. Separately, Canada plans to sanction Iran’s “morality police”.

AML / KYC

UK FCA Grants Revolut Approval to Offer Crypto Services

By Editors | 01/10/2022

Revolut was allowed to remain on a temporary register after a March deadline for approvals until its application was fully processed.

AML / KYC

FinCEN Issues Final Rule for Beneficial Ownership Reporting

By Editors | 30/09/2022

The rule is effective from 1 January 2024. Existing companies will have one year to report information about their beneficial owners to FinCEN.

AML / KYC

China to Strengthen ‘Controllable Anonymity’ Feature of e-CNY

By Darien Choong | 30/09/2022

Twenty defendants have been arrested on suspicion of illegal business activity and money laundering using the e-CNY.

AML / KYC

Turkish Banks to Stop Using Russia’s Mir Payment System

By Editors | 30/09/2022

Three Turkish state banks will stop using the Mir system in response to guidance issued by OFAC earlier this month. Two others stopped last week.

AML / KYC

US SEC Penalises Oracle for FCPA Violations by Foreign Subsidiaries

By Editors | 30/09/2022

Oracle subsidiaries in Turkey, the UAE, and India used slush funds to bribe foreign officials in return for business between 2016 and 2019.

AML / KYC

G7 Nations Imposing New Russia Sanctions Over “Sham” Referendums

By Manesh Samtani | 30/09/2022

The EU package includes an oil price cap and a complete ban on providing crypto services to Russians. UK targets include Gazprombank, Sberbank and Sovcombank board members.

AML / KYC

Japan to Adopt Travel Rule in Crypto in May 2023 – Report

By Editors | 29/09/2022

The FSA plans to submit amendments to the Act on Prevention of Transfer of Criminal Proceeds to a parliamentary session next week.

AML / KYC

CFTC Penalises Crypto Firm, Pursues First Case Against DAO

By Editors | 29/09/2022

Crypto firm bZeroX transferred its software protocol to a DAO and then marketed this as a way to be “enforcement-proof”.