International

Enforcement

Two Men Admit to Conspiracy to Export Aircraft Parts to Russia

By Editors | 05/04/2024

The two Russian nationals falsely claimed the parts were intended for countries other than Russia. US authorities stopped multiple shipments.

Sanctions

OFAC Sanctions 13 Vessels Over Iran Commodity Shipments

By Editors | 05/04/2024

The vessels, operated by UAE-based Oceanlink Maritime DMCC, are “deeply involved in the shipment of Iranian commodities”.

Crypto / Digital Assets

Ripple Announces Plans to Issue USD-backed Stablecoin

By Editors | 05/04/2024

Ripple said its reserve assets will be audited by a third-party accounting firm and that it will publish monthly attestations.

Securities / Derivatives

IOSCO Proposes Guidance on Supervision of Exchanges

By Editors | 05/04/2024

The consultation report provides guidance on supervising exchanges that provide multiple services or are part of a larger group.

ESG / Sustainability

BCBS to Backtrack on Climate-related Standards – Report

By Editors | 04/04/2024

The BCBS plans to make its standards on disclosures and transition plans optional rather than universally adopted due to US pressure.

Sanctions

Russia-China Business Facing Banking ‘Bottleneck’ – Report

By Editors | 04/04/2024

VTB, the only Russian bank with a fully-fledged branch in China, is dealing with high demand from companies seeking to open accounts to do business with Russia.

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.