Sanctions

AML / KYC

APAC Regulators Issue Nearly $4bn in AML Fines in H1 2020

By Editors | 19/08/2020

Fraudulent activity brought on by Covid-19 related initiatives may result in enforcement actions later in the year and into 2021, says Fenergo’s Rachel Woolley.

AML / KYC

UN Security Council Rejects Extension of Iran Arms Embargo

By Editors | 18/08/2020

The UN Security Council has rejected a US resolution to extend an international arms embargo on Iran due to expire on 18 October.

AML / KYC

FinCEN to Lift 13 Year Old Sanctions on Macau’s Delta Asia Bank

By Editors | 12/08/2020

The sanctions were imposed under the USA Patriot Act in 2007 due to the bank’s suspected involvement with North Korean money laundering and other illegal financial activities.

AML / KYC

China Imposes Reciprocal Sanctions Against US Officials

By Editors | 10/08/2020

“China has decided to impose sanctions on those individuals who behaved badly on Hong Kong-related issues,” said a spokesperson, without specifying what the sanctions would entail.

AML / KYC

US Sanctions 11 Chinese, Hong Kong Officials

By Manesh Samtani | 08/08/2020

The HKMA says unilateral sanctions imposed by foreign governments have “no legal status” in Hong Kong and banks should endeavour to treat customers fairly.

AML / KYC

OFAC Sanctions Chinese Entity Over Human Rights Abuses

By Editors | 04/08/2020

The XPCC is considered by OFAC to be a paramilitary organisation with large commercial operations that that are likely to be impacted by US sanctions.

AML / KYC

EU Imposes First Sanctions Against Cyber Attackers

By Editors | 03/08/2020

Measures will be taken against six individuals and three entities, including travel bans, asset freezes, and a prohibition on obtaining funding from the EU.

AML / KYC

China Should Reduce SWIFT Use in Case of US Sanctions – Report

By Editors | 30/07/2020

China should prepare for potential US sanctions by increasing the use of CIPS for cross-border transactions, and by developing legislation similar to the EU’s blocking statute.

AML / KYC

Sri Lanka Fines 2 Banks, 3 Finance Firms for AML Failures

By Duruthu E Chandrasekera | 29/07/2020

Sri Lanka’s FIU has revealed that two banks and one finance company were penalised in 2019, and two other finance companies in 2020.