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Financial Crime
PEPs & Sanctions
OFAC Fines Aviation Products Supplier for Russia Shipments
By Editors | 07/01/2025
OFAC attributed the violations to the firm’s failure to rescreen customers after their SDN designation, and inadequate sanctions compliance procedures
Conduct, Culture & Accountability
China Issues New Compliance Management Rules for FIs
By Editors | 07/01/2025
The new rules elevate the chief compliance officer role to a senior management position at all FIs nationwide.
Market Abuse
Seoul Prosecutors File First Charges Under New Crypto Law
By Manesh Samtani | 07/01/2025
Two individuals were arrested and indicted for manipulating virtual assets. A third individual fled overseas.
PEPs & Sanctions
US Eases Some Restrictions on Transactions in Syria
By Editors | 07/01/2025
Transactions with governing institutions in Syria allowed “even if a designated individual has a leadership role in that governing institution”
Anti-Bribery & Corruption
Najib Razak House Arrest Claim Allowed to Proceed
By Editors | 07/01/2025
Najib Razak will claim that Malaysia’s former king issued a decree allowing the former PM to serve the rest of his jail term under house arrest.
Anti-Money Laundering
Unlocking the Value of GenAI in Financial Crime Compliance
By Bradley Maclean | 07/01/2025
SymphonyAI’s Craig Robertson, DBS’ Lam Chee Kin and BOS’ Ng Kok Keong discuss the use of AI in financial crime compliance.
Anti-Money Laundering
US Authorities Target US Clients of Trident Trust in Global Tax Probe
By Editors | 07/01/2025
US court order will require US entities of Trident Trust to reveal the identities of US taxpayer clients who used its services.
Supervision & Enforcement
HK Court Fines Solicitor for Breaching SFO Secrecy Provision
By Editors | 07/01/2025
This is the first time a Hong Kong practicing solicitor has been convicted for contravening the secrecy provision under the SFO.
Conduct, Culture & Accountability
China NFRA Revises Rules on Qualifications of Bank Bosses
By Manesh Samtani | 07/01/2025
The draft rules refine the qualification requirements for directors and senior managers of banks including to ensure their independence.
KYC & CDD
US Court Blocks Beneficial Ownership Reporting Again
By Manesh Samtani | 06/01/2025
An order to reinstate beneficial ownership reporting obligations was reversed. DOJ has now taken the case to the Supreme Court
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