Sanctions

Crypto / Digital Assets

Russian President Signs CBDC Bill Into Law

By Manesh Samtani | 24/07/2023

The central bank will begin piloting a digital ruble in August, with 13 banks and about 30 enterprises from 11 cities participating.

Sanctions

Western Allies Announce New Sanctions to Deter Russia

By Manesh Samtani | 21/07/2023

US sanctions include Russian metal producers and financial institutions. Canada targeted Russia’s military-industrial complex. UK, Australia and EU also have new targets.

AML / KYC

US Fed Fines Deutsche Bank for Slow Remediation of AML Deficiencies

By Editors | 20/07/2023

The Fed Board said Deutsche Bank made “insufficient remedial progress” under 2015 and 2017 consent orders and still has deficient AML internal controls and governance processes.

AML / KYC

EU Commission Takes Action Against Cyprus for 5AMLD Implementation Failures

By Editors | 18/07/2023

The European Commission says it has identified multiple instances of incorrect transposition of 5AMLD, despite Cyprus declaring full compliance with the directive.

Sanctions

UK Issues Sanctions Over Forced Deportation of Ukrainian Children by Russia

By Mark Johnston | 17/07/2023

The UK has imposed 14 new sanctions on Russian officials for their role in the forced deportation of Ukrainian children to Russia-based re-education camps.

Crypto / Digital Assets

US Probe Prompts Staff and Executive Departures at Binance – Reports

By Editors | 17/07/2023

Over 1,000 employees have reportedly been laid off in recent weeks. A number of key senior executives have also departed.

AML / KYC

Singapore ACIP Issues Guidance on Managing Crypto-Related ML/TF Risk

By Manesh Samtani | 17/07/2023

FIs are encouraged to actively identify customers with a nexus to cryptocurrencies, and to apply EDD where ML/TF and sanctions risks are assessed to be higher.

AML / KYC

UAE Becomes First Arab Country to Join APG as Observer

By Mark Johnston | 13/07/2023

A delegation from the UAE participated as an observer in the APG forum in Vancouver earlier this month. Other observers include the UK, France, and Germany.

AML / KYC

India Increasingly Using CNY to Buy Russian Oil

By Editors | 11/07/2023

The relative ease with which Russia can accept yuan payments has led to adoption of the Chinese currency for some 10% of payments.