Sanctions

Enforcement

US Authorities Fine Microsoft for Export Control, Sanctions Breaches

By Manesh Samtani | 09/04/2023

Microsoft’s Russia-based employees ordered software licenses in the names of parties not on the Entity List, to be used by designated persons.

Crypto / Digital Assets

US Treasury Publishes First Ever DeFi Risk Assessment

By Manesh Samtani | 07/04/2023

Treasury calls on the private sector to use the risk assessment to inform their risk mitigation strategies, and offers recommendations on government action.

Crypto / Digital Assets

‘Genesis’ Darknet Market Sanctioned and Shuttered by Authorities

By Editors | 06/04/2023

Law enforcement arrested 119 people and conducted 208 property searches in connection with Genesis Market, a criminal marketplace believed to be located in Russia.

Sanctions

US State-Level Sanctions Imposed on Foreign Adversaries

By Mark Johnston | 04/04/2023

More than a dozen US states already restrict or prohibit foreign ownership of and investments in private agricultural land.

Enforcement

Fed, OFAC Penalise Wells Fargo for Sanctions Non-Compliance

By Editors | 02/04/2023

Wells Fargo’s predecessor, Wachovia, provided software that was used by a foreign bank to process USD 532 million in prohibited transactions.

AML / KYC

Germany to Establish New Agency to Fight Financial Crime

By Sanday Chongo Kabange | 02/04/2023

The ‘Federal Authority for Fighting Financial Crime” will absorb the functions of the FIU and also be responsible for enforcing international sanctions.

Market Infrastructure

ASEAN to Reduce Reliance on Major Currencies to Safeguard Stability

By Editors | 02/04/2023

ASEAN finance ministers and central bank governors agreed to increase usage of local currencies for trade settlements.

AML / KYC

UK Unveils New Plan to Tackle Economic Crime

By Sanday Chongo Kabange | 31/03/2023

The plan involves hiring 475 specialist investigators, investing in technology and data analytics, and establishing a new multi-agency crypto cell.

AML / KYC

EU Lawmakers Agree New AML/CFT Rules

By Editors | 29/03/2023

Members of the European Parliament approved draft AML/CFT legislation, including plans for the new Anti-Money Laundering Authority.