Sanctions

AML / KYC

MAS Issues Guidance on Uplifting Name Screening Systems

By Manesh Samtani | 30/04/2022

MAS observed an overreliance on system vendors to set the screening parameters. Most FIs did not enquire about or assess vendors’ information sources.

AML / KYC

ICMA Issues Guidance on Repo Trades Impacted by Sanctions

By Manesh Samtani | 27/04/2022

ICMA provides guidance on handling situations where counterparties may fail to deliver collateral securities due to the imposition of sanctions.

Sanctions

Myanmar Exempts Foreign Firms from FX Conversion Rule

By Editors | 27/04/2022

An order requiring all foreign currency held in bank accounts to be converted into local currency will not apply to businesses in special economic zones and most other foreigners.

AML / KYC

China UnionPay to Halt Operations in Russia

By Editors | 27/04/2022

UnionPay has reportedly halted negotiations with Russian banks on issuing new bank cards for their customers to avoid possible sanctions.

AML / KYC

China Proposes to Enhance Licencing System for Dual-use Goods

By Darien Choong | 26/04/2022

The draft regulations are aimed at fulfilling China’s international obligations on non-proliferation and addressing the fragmented structure of the existing rule system for export controls.

AML / KYC

AMLC Philippines Launches Review of Sanctions Screening Practices

By Editors | 26/04/2022

The AMLC has partnered with AML Analytics as its testing and validation partner to conduct a thematic review of customer- and transaction-screening systems at FIs and DNFBPs.

AML / KYC

Australia Sanctions More Russian Lawmakers, US Blocks Port Access

By Editors | 26/04/2022

Australia has now sanctioned nearly 750 individuals and entities in response to the war in Ukraine. Russian-affiliated vessels are prohibited from entering US ports.

AML / KYC

FCA Directs Challenger Banks to Bolster FCC Controls

By Editors | 26/04/2022

The FCA said it found weaknesses relating to customer due diligence, risk assessment, management of transaction monitoring alerts, and SAR quality.

AML / KYC

Philippine Banks Directed to Monitor Gaming-related Transactions

By Editors | 25/04/2022

FIs are asked to bolster their CDD and file reports when suspicious transactions are observed involving play-to-earn games such as the recently-hacked Axie Infinity.