Sanctions

AML / KYC

NYDFS Ends Coinbase AML Probe With $100m Settlement

By Editors | 05/01/2023

The settlement includes a $50mn penalty and a commitment by Coinbase to invest a further $50mn in its compliance programme over the next two years.

Sanctions

OFAC Issues Initial Price Cap Guidance for Russian Petroleum Products

By Editors | 05/01/2023

The new price cap on petroleum products is due to take effect on 5 February 2023, alongside an EU ban on seaborne imports of refined products originating from Russia.

Crypto / Digital Assets

Russia’s Sberbank Issues Gold-Backed Digital Financial Assets

By Editors | 04/01/2023

Gold-backed DFAs “may be a great alternative to investments amid de-dollarisation”, said Sber’s first deputy chairman, Alexander Vedyakhin.

AML / KYC

SFC to Collect More Granular Data from Licenced Firms

By Manesh Samtani | 30/12/2022

Many of the new questions in the SFC’s updated BRMQ focus on AML/CFT practices and brokerage business controls.

Sanctions

Russia, Iran Spend Billions on New Trade Route – Report

By Sanday Chongo Kabange | 28/12/2022

Russia and Iran are investing an estimated USD 25 billion in the new 3,000 km trade route. The existing route is 14,000 km long.

Sanctions

EU Facing Legal Challenge Over Anti-Russia Sanctions

By Editors | 26/12/2022

One company and 61 individuals are seeking to challenge what they view as a violation of their rights, and the freezing of their assets by EU authorities.

Crypto / Digital Assets

FINRA Issues Additional Guidance on Ransomware Risk

By Sanday Chongo Kabange | 22/12/2022

Attacks have proliferated due to the increased use of technology, continued adoption of cryptocurrencies, and the emergence of Ransomware-as-a-Service models.

Sanctions

UK Ban on Providing Trust Services to Russia Takes Effect

By Editors | 22/12/2022

Professional services ban expanded from accounting, consulting and PR services to include trust, advertising, auditing, engineering and IT consultancy and design services.

Sanctions

Canada to Seize Russian Assets to Finance Ukraine

By Editors | 22/12/2022

Canada will attempt to seize assets from a company owned by sanctioned Russian oligarch Roman Abramovich, and use the proceeds for Ukraine’s reconstruction.