International

Sanctions

OFAC Removes Former VTB Bank Subsidiary from Sanctions List

By Editors | 04/04/2024

German authorities took control of VTB’s European subsidiary in 2022. The Russian parent was unable to exercise its rights due to sanctions.

Sanctions

More of Central Asia Stops Accepting Russian Mir Cards

By Editors | 04/04/2024

Kyrgyzstan’s national payments operator, and banks in Kazakhstan and Tajikistan, have stopped accepting Mir cards due to sanctions concerns.

Crypto / Digital Assets

New BIS Project Seeks Overhaul of Global Payment System

By Manesh Samtani | 04/04/2024

Seven central banks will develop common infrastructure that can accommodate tokenised versions of wholesale central bank money and commercial bank deposits.

Big Picture

Industry Bodies Push Back Against BCBS Crypto Treatment

By Manesh Samtani | 04/04/2024

ISDA, GFMA, FIA and other trade bodies say banks should not be penalised for trying to innovate with public permissionless blockchains.

Sanctions

BVI Government to Establish Dedicated Sanctions Unit

By Editors | 03/04/2024

The new unit is being established with UK support to help ensure the effective implementation and enforcement of sanctions.

Sanctions

US Urges Korea to Restrict Technology Exports to China

By Editors | 03/04/2024

The US has asked South Korea to restrict the flow of equipment and technologies for making high-end logic and memory chips to China.

Fintech / Regtech

The Compliance Complexity Driving RegTech Demand in APAC

By Ed Probst | 02/04/2024

The growing complexity of regulatory requirements including in the reporting space is prompting FIs to rethink their approach to compliance, says Ed Probst.

Crypto / Digital Assets

Russia Using Tether Stablecoin to Circumvent Sanctions – Report

By Editors | 02/04/2024

One China-based smuggler used a Hong Kong distributor, shipments via Central Asia, and Tether for payments to fulfill Russian orders for drone parts.

Enforcement

Two Ex-Sembcorp Marine Execs Charged in Singapore for Corruption Offences

By Editors | 01/04/2024

The two former executives face five charges over bribes paid to Brazilian officials and politicians to further the company’s business interests in the country.