Financial Crime

PEPs & Sanctions

Shipping Companies Warned of Red Flags in New US Sanctions Guidance

By Editors | 12/12/2023

Five US agencies team up to issue guidance for shipping and logistics firms as US government continues crackdown on sanctions and export control evasion.

Supervision & Enforcement

Australia to Increase Tax Practitioners Board’s Enforcement Powers

By Sanday Chongo Kabange | 12/12/2023

New consultations propose to strengthen the Tax Practitioners Board’s sanctions regime and expand its Code of Professional Conduct.

Anti-Money Laundering

Singapore Single-Family Offices Scrutinised for Money Laundering Risks

By Ranamita Chakraborty | 12/12/2023

Legal experts advising SFOs view proposed regulatory measures as incremental steps toward AML compliance amid the financial hub’s biggest money laundering scandal.

Custody & Infrastructure

FSC Korea Proposes Rules to Protect Virtual Asset Users

By Manesh Samtani | 12/12/2023

VASPs must store at least 80% of customers’ virtual assets in cold wallets, purchase liability insurance, hold reserves, and monitor for abnormal transactions.

PEPs & Sanctions

UK to Launch New Unit to Investigate Trade Sanctions Violations

By Editors | 12/12/2023

The Office of Trade Sanctions Implementation is expected to begin its civil enforcement activities sometime in early 2024, the UK government says.

PEPs & Sanctions

EU Expands Sanctions on Myanmar Junta and Supporters

By Editors | 12/12/2023

EU imposes asset freezes on four individuals and two companies in latest action against Myanmar’s military-led government.

Anti-Money Laundering

IMF to Expand AML/CFT Data Analytics Capabilities

By Manesh Samtani | 11/12/2023

The IMF plans to increase focus on assessing and mitigating the macro-economic impacts of illicit flows in the global financial system.

Anti-Money Laundering

Singapore: Resorts World Sentosa Fined for AML Failures

By Editors | 11/12/2023

Resorts World Sentosa did not perform customer due diligence checks and identity verification when receiving cash from third party depositors.

Anti-Money Laundering

Binance’s CZ Zhao Now Required to Remain in US Until Sentencing

By Editors | 11/12/2023

Initially, a magistrate judge appeared to be allowing Zhao to leave the US until his sentencing hearing in February. A district court judge has reversed this ruling.