Sanctions

AML / KYC

NZ Regulators Issue Guidance on Russia Sanctions Compliance

By Manesh Samtani | 19/03/2022

The guidance highlights the need for reporting entities to conduct due diligence to understand who has effective control or beneficial ownership of legal structures.

AML / KYC

US Omnibus Bill Grants FinCEN 27pc Budget Increase

By Mark Johnston | 18/03/2022

The additional budget is to allow FinCEN to respond to the situation in Ukraine, including expenses foreign government personnel to attend meetings and training.

AML / KYC

US Treasury, DOJ Launch Global Task Force to Target Russian Assets

By Manesh Samtani | 17/03/2022

FinCEN is meanwhile taking steps to boost cooperation with the FIUs of Australia, Canada, France, Germany, Italy, Japan, New Zealand, the UK , and the Netherlands.

AML / KYC

Japan Crypto Exchanges Ordered to Comply with Sanctions

By Editors | 17/03/2022

Fines up to JPY 1 million and up to three years’ imprisonment are specified for non-compliance with sanctions by crypto exchange platforms.

Fintech / Regtech

Dubai Establishes New Law, Regulator for Crypto Assets

By Mark Johnston | 16/03/2022

The new law comes as crypto firms in the UAE receive streams of requests from sanctioned Russians to liquidate billions of dollars of crypto assets.

AML / KYC

G7 to Downgrade Russia Trade Status, Close Sanctions Loopholes

By Editors | 13/03/2022

US bans more Russian trade. G7 pledges to close national-level loopholes that could enable sanctions evasion via crypto-assets, among other commitments.

Fintech / Regtech

Japan Crypto Industry Set to Adopt Travel Rule

By Editors | 13/03/2022

The travel rule will increase transparency on the individuals and entities crypto exchanges deal with, as the government seeks to prevent sanctions evasion.

AML / KYC

BIS Suspends Russian Central Bank as UK Adds More Sanctions

By Manesh Samtani | 11/03/2022

UK adds seven names to its sanctions list. Goldman and JPMorgan to close Russian operations. Russia to nationalise assets of foreign companies.

Sanctions

China Widens Trading Band for Yuan-Ruble Currency Pair

By Editors | 10/03/2022

The existing 5 percent trading band around a daily midpoint set by the PBOC is making it difficult to price the exchange rate amid heightened ruble volatility.