United States

Enforcement

US DOJ, Jho Low Reach Global Pact on 1MDB Asset Forfeiture: Report

By Nithya Subramanian | 01/07/2024

The agreement forever resolves the United States’ civil, criminal and administrative asset forfeiture actions of monies and assets traceable to 1MDB.

Switzerland, US to Strengthen Information Exchange Under FATCA

By Editors | 28/06/2024

The US will receive tax information from Switzerland automatically, and Switzerland will also be able to receive information from the US.

Crypto / Digital Assets

Thailand SEC to Relax Outsourcing Rules for ICO Portals

By Editors | 28/06/2024

The SEC is consulting on amendments that would allow ICO portals to outsource additional business operations beyond what is currently permitted.

Sanctions

Iraq’s Al-Huda Bank Cut Off from US Financial System

By Editors | 27/06/2024

FinCEN rule identifies Al-Huda Bank as a “foreign financial institution of primary money laundering concern”.

AML / KYC

US DOJ to Recover Additional $100mn in 1MDB Case

By Nithya Subramanian | 27/06/2024

Jho Low will forfeit a luxury apartment in Paris and artworks by Andy Warhol and Claude Monet purchased for USD 35 million.

Enforcement

OFAC Fines Italian Animation Company for Sanctions Violations

By Editors | 27/06/2024

Mondo TV made wire transfers via US financial institutions to an animation studio owned by the North Korean government.

Fintech / Regtech

ASIC Issues Guidance on Communications Surveillance

By Editors | 26/06/2024

A new information sheet calls for market intermediaries to ensure effective monitoring and supervision of business communications.

Securities / Derivatives

CFTC Approves Four Comparability Determinations for Foreign Jurisdictions

By Editors | 26/06/2024

Certain swap dealers in Japan, Mexico, the EU, and UK can satisfy certain US capital and financial reporting requirements by complying with home country rules.

Sanctions

OFAC Targets Iranian ‘Shadow Banking’ Network With Sanctions

By Editors | 26/06/2024

The sanctions target 25 companies based in Hong Kong, 13 in UAE, five in Iran, and one each in Türkiye and Marshall Islands.