AML / KYC

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

A director of Citadelle Corporate Services is said to have "wilfully and with intent to defraud" stated false balances held in escrow on behalf of Wirecard in 2016 and 2017.

Eight individuals were sentenced to between three and nine years' jail. Total fines issued, including against three companies, amount to $310mn.

Interpol warns that a further increase in cybercrime is highly likely in the near future, citing vulnerabilities related to working from home.

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.

Financial institutions are directed to study the guidance to identify and address gaps in their EWRA frameworks and processes.

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

The foreign exchange regulator will this year explore reforms to allow private equity investment funds to invest overseas.

The former Coutts & Co banker approved a $700mn transfer request from Jho Low, the alleged mastermind behind the 1MDB scandal, despite repeated red flags.

The amendments raise the maximum penalties for violating anti-terrorism laws, and empower the government to implement UN Security Council resolutions.