Sanctions

Market Infrastructure

US State Dept Declares Hong Kong No Longer Autonomous

By Manesh Samtani | 27/05/2020

The move puts at risk the special status under US law Hong Kong has enjoyed since 1992, jeopardising billions of dollars worth of trade and investment.

AML / KYC

DPRK Cyber Crime Group Increasingly Active in S Korea

By Editors | 18/05/2020

The primary targets of the cyberattacks are cryptocurrency traders, exchanges and others who work in the field, according to cyber security firm ESTsecurity.

AML / KYC

Westpac Files Defence in Federal Court on its AML/CTF Failures

By Editors | 16/05/2020

While Westpac made a number of admissions regarding AUSTRAC’s claims, the bank said the majority of its international money transfers were correctly reported.

AML / KYC

US Prosecutors Target Foreign Bank Records in North Korean Cyber Hunt

By Nick Turner | 05/05/2020

US authorities may be signalling their intent to increasingly use the PATRIOT Act to gain access to foreign bank records in DPRK sanctions investigations, says Nick Turner at Steptoe & Johnson.

AML / KYC

Singapore’s Financial Industry’s Role in Preventing Sanctions Evasion

By Jamil Ahmed | 23/04/2020

Given its geographical location and reputation as a major finance and trading hub, Singapore firms need to take extra care to avoid implicating themselves in sanctioned transactions.

AML / KYC

US Agencies Issue Alert on North Korea Cyber Threat

By Manesh Samtani | 22/04/2020

The advisory highlights the powers US agencies have to subpoena foreign FIs that maintain a correspondent bank account in the US to gain access to customer records stored overseas.

AML / KYC

Industrial Bank of Korea to Pay $86m for US Sanctions Violations

By Editors | 21/04/2020

The bank failed to capture and prevent USD 1 billion in transactions to Iranian entities, cleared through financial institutions located in New York including its own branch.

AML / KYC

S. Korea AML/CFT Framework Significantly Strengthened: FATF

By Editors | 19/04/2020

Korea demonstrates effective cooperation among local authorities, the private sector and foreign counterparts; and effective use and development of financial intelligence.

AML / KYC

The Latest Thinking On Beneficial Ownership, Power And Control

By Bureau van Dijk | 13/04/2020

Data is the first line of defence when it comes to protecting one’s business from links to wrongdoing.