Sanctions

Sanctions

OFAC Makes Structural Changes to Minimise Collateral Damage of Sanctions

By Editors | 15/05/2023

OFAC hired a chief sanctions economist to lead a new division that will assess the potential collateral economic effects of proposed sanctions.

Sanctions

US DOJ Approves First Transfer of Seized Russian Funds to Ukraine

By Editors | 15/05/2023

“While this represents the United States’ first transfer of forfeited Russian funds for the rebuilding of Ukraine, it will not be the last,” said Attorney General Merrick Garland.

AML / KYC

Philippine AMLC Issues New Sanctions Screening Guidance

By Editors | 13/05/2023

An AMLC review found deficiencies including excessive manual processes, high false positives, and a lack of understanding of how sanctions screening systems operate.

Crypto / Digital Assets

IRS, Chainalysis Team Up to Support Ukraine Law Enforcement

By Editors | 11/05/2023

The IRS is sponsoring Ukraine’s access to a Chainalysis blockchain analysis tool and also organising cyber training sessions.

AML / KYC

HK Companies Registry Issues AML Guidance for TCSP Licensees

By Editors | 09/05/2023

New guideline seeks to help trust or company service providers devise and implement policies, procedures and controls for AML/CTF.

Sanctions

EU Commission Proposes Sanctions Against Chinese Companies

By Editors | 09/05/2023

The proposals also include sanctions on Iranian companies, measures to restrict sales of certain products to third countries, and powers to ban oil tankers that conceal their location.

Sanctions

India, Russia Suspend Efforts to Enable Trade via Rupees – Report

By Editors | 05/05/2023

Russia is reportedly concerned that a rupee settlement mechanism could cause it to end up with a large rupee surplus which is “not desirable”.

Fintech / Regtech

RBI, BIS Launch G20 TechSprint Focusing on Cross-border Payments

By Editors | 05/05/2023

The 2023 TechSprint will focus on technology solutions to address illicit finance risk, FX and liquidity solutions, and technology for CBDC platforms.

Sanctions

EU to Extend Sanctions Regime to Cover Corruption

By Manesh Samtani | 04/05/2023

The EU would be able to target serious acts of corruption worldwide with travel bans and asset freezes, similar to the US Magnitsky Act.