Sanctions

AML / KYC

Taiwan FSC Fines Citibank, DBS for AML Violations

By Editors | 14/05/2021

The regulator cited failures related to customer due diligence, review mechanisms, transaction monitoring, risk assessment, and investigations.

AML / KYC

US Court Lifts Investment Ban Against Luokung Technology Corp

By Editors | 10/05/2021

Separately, China Mobile, China Unicom and China Telecom have lost their appeals of a NYSE decision to delist their shares.

AML / KYC

OFAC Penalises MoneyGram & SAP for Sanctions Violations

By Editors | 05/05/2021

In both cases, OFAC cited voluntary self-disclosures, the non-egregiousness of the violations, and remedial action as the reasons for the penalty amounts.

AML / KYC

FATF Publishes New Zealand Mutual Evaluation Report

By Manesh Samtani | 30/04/2021

Of the 40 recommendations, New Zealand is ‘Compliant’ on 8, ‘Largely Compliant’ on 20, and ‘Partially Compliant’ on 12.

AML / KYC

UK Establishes New Global Anti-Corruption Sanctions Regime

By Manesh Samtani | 28/04/2021

The UK has made its first 22 designations under the new regime, including individuals in Russia, South Africa, Honduras, Nicaragua, Guatemala and South Sudan.

AML / KYC

Mitigating Illicit Convergence in Transnational Financial Crime

By Editors | 27/04/2021

Rani Hong, Sasha Lezhnev, Ben Spevack and Che Sidanius discuss efforts under way to prevent the illicit exploitation of legal infrastructures for crime.

AML / KYC

Final Phase of Meng Extradition Case to Be Delayed

By Sanday Chongo Kabange | 25/04/2021

The final phase of the extradition case is being delayed to allow Meng’s lawyers to examine documents being provided by HSBC as a result of a Hong Kong court ruling.

Sanctions

Australia Issues Draft Bill on Financial Advice Reforms

By Editors | 21/04/2021

The bill will expand the role of ASIC’s Financial Services and Credit Panel so that it operates as the single disciplinary body for financial advisers.

AML / KYC

China Cracks Down on Payments from Underground Banks

By Sanday Chongo Kabange | 19/04/2021

Criminal groups reportedly colluded with underground banks to launder money by disguising their illegal proceeds as payments for goods.