SANCTIONS

AML / KYC

Whistleblowers Allege SCB Cleared $57bn in Iran Transactions

By Editors | 22/07/2019

Whistleblowers reportedly claim that Standard Chartered Bank cleared more transactions in violation of Iran sanctions than the US government had used as its basis for fines issued in April.

Fintech / Regtech

Philippine SEC Consults on Draft Rules for Digital Asset Exchanges

By Manesh Samtani | 19/07/2019

The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.

AML / KYC

The FATF Should Embrace the Opportunity to Reform

By Tom Keatinge | 30/06/2019

The FATF needs to recognise that it should be more transparent and be able to provide greater assurance of independence and oversight, says RUSI’s Tom Keatinge.

Enforcement

MUFG Bank Reaches Settlement with New York State Regulator

By Editors | 28/06/2019

The agreement settles claims relating to MUFG’s switch from state to federal oversight in November 2017, as New York regulators asserted continuing regulatory authority.

AML / KYC

US Court Finds Chinese Banks in Contempt in Sanctions Probe

By Editors | 26/06/2019

A US district court has reportedly found three Chinese state-owned banks in contempt for failing to comply with requests for evidence related to a North Korea sanction probe.

Market Infrastructure

RBA Proposes Financial Penalties for Slow NPP Adoption

By Editors | 14/06/2019

The RBA recommends the introduction of an enforceable sanctions regime and possible financial penalties for NPP participants that do not support core capabilities within a specific period of time.

Market Infrastructure

HK FRC Concludes Consultation on Auditor Misconduct Penalties

By Editors | 04/06/2019

The FRC will be empowered to order penalties of up to HK$10mn or three times the profit gained or loss avoided as a result of misconduct, whichever is higher.

AML / KYC

The Need for a Cross-Sector & Cross-Jurisdictional AML Regime

By Claus Christensen | 16/05/2019

It’s time to have a conversation about implementing real AML information sharing across organisations, sectors and jurisdictions, writes Claus Christensen at Know Your Customer Ltd.

AML / KYC

Korean Banks Halt Won Settlement as Iran Sanctions Waiver Expires

By Editors | 09/05/2019

Woori Bank and Industrial Bank of Korea have stopped offering won settlement services that have to date allowed over 2,000 local companies to bypass Iran trade restrictions.