Sanctions

AML / KYC

China Passes Anti-foreign Sanctions Legislation

By Editors | 13/06/2021

Countermeasures can be taken against senior managers and actual controllers of firms included on the anti-sanctions list, as well as their family members.

AML / KYC

Financial Crime Compliance Costs to Reach $213.9bn for 2021

By Editors | 12/06/2021

KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.

AML / KYC

Philippine AMLC Amends AML/CTF Guidelines for DNFBPs

By Editors | 11/06/2021

The revisions broaden the scope to include newly covered persons and add a new section on the implementation of the targeted financial sanctions, among other changes.

Big Picture

BOE Issues Paper Exploring New Forms of Digital Money

By Sanday Chongo Kabange | 09/06/2021

The BOE seeks feedback on the discussion paper as it examines how CBDCs and stablecoins could impact the financial system and wider economy.

AML / KYC

China Steps Closer to Law to Protect Against US Sanctions

By Editors | 09/06/2021

A second draft of legislation aimed at countering US sanctions has reportedly been filed and is expected to be voted on soon.

AML / KYC

APG Publishes 2nd Follow-up Report on Pakistan

By Editors | 04/06/2021

Pakistan had requested a re-rating on 23 FATF Recommendations: 21 were upgraded, one was not re-rated, and one was downgraded.

AML / KYC

Biden Executive Order Amends, Clarifies China Blacklist

By Manesh Samtani | 04/06/2021

The revised EO is clearer, addresses many of the problem areas in the old EO, and is more enforceable, says Nick Turner at Steptoe & Johnson.

AML / KYC

Addressing Sanctions Risk in Maritime Trade

By Manesh Samtani | 02/06/2021

Banks facilitating transactions involving maritime trade must put in place systems and processes to detect illicit activity that could result in a breach of sanctions regulations.

Sanctions

Hong Kong Considers Replacing State Street as TraHK Manager

By Editors | 26/05/2021

Officials reportedly commissioned an independent study to review State Street’s role in managing Hong Kong’s Tracker Fund.