Sanctions

AML / KYC

EU Commission Takes Action Against Cyprus for 5AMLD Implementation Failures

By Editors | 18/07/2023

The European Commission says it has identified multiple instances of incorrect transposition of 5AMLD, despite Cyprus declaring full compliance with the directive.

Sanctions

UK Issues Sanctions Over Forced Deportation of Ukrainian Children by Russia

By Mark Johnston | 17/07/2023

The UK has imposed 14 new sanctions on Russian officials for their role in the forced deportation of Ukrainian children to Russia-based re-education camps.

Crypto / Digital Assets

US Probe Prompts Staff and Executive Departures at Binance – Reports

By Editors | 17/07/2023

Over 1,000 employees have reportedly been laid off in recent weeks. A number of key senior executives have also departed.

AML / KYC

Singapore ACIP Issues Guidance on Managing Crypto-Related ML/TF Risk

By Manesh Samtani | 17/07/2023

FIs are encouraged to actively identify customers with a nexus to cryptocurrencies, and to apply EDD where ML/TF and sanctions risks are assessed to be higher.

AML / KYC

UAE Becomes First Arab Country to Join APG as Observer

By Mark Johnston | 13/07/2023

A delegation from the UAE participated as an observer in the APG forum in Vancouver earlier this month. Other observers include the UK, France, and Germany.

AML / KYC

India Increasingly Using CNY to Buy Russian Oil

By Editors | 11/07/2023

The relative ease with which Russia can accept yuan payments has led to adoption of the Chinese currency for some 10% of payments.

AML / KYC

US Treasury Asks Hong Kong FIs to Help Prevent Export Control Evasion

By Editors | 11/07/2023

Treasury officials reportedly asked banks to help identify certain high-tech items being shipped to Russia via Hong Kong.

Sanctions

UK to Strengthen Sanctions Regime to Target Iran

By Editors | 09/07/2023

The move is a response to “more than 15 credible threats” by the Iranian regime to “kill or kidnap British or UK-based individuals”.

Sanctions

US to Restrict Chinese Access to Cloud Computing Services – Report

By Editors | 05/07/2023

Cloud providers like AWS and Microsoft Azure would have to seek government permission to serve Chinese firms that use such platforms to train AI models.