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United States
Enforcement
Insurer Settles with OFAC after Issuing Policies to Sanctioned Russian’s Company
By Editors | 23/12/2023
US-based Privilege Underwriters Reciprocal Exchange agreed to pay USD 466,000 over policy written for Panamanian company owned by sanctioned oligarch Viktor Vekselberg.
AML / KYC
FinCEN Issues Final Rule on Access to Beneficial Ownership Information
By Manesh Samtani | 22/12/2023
The final rule prescribes the circumstances under which BOI may be disclosed, including to FIs and foreign governments, and how it must be protected.
Enforcement
Swiss Bank Exec Pleads Guilty to ‘Singapore Solution’ Tax Evasion Scheme
By Ranamita Chakraborty | 22/12/2023
Rolf Schnellmann and co-conspirators helped to fraudulently conceal the bank accounts, assets, and income of US taxpayer-clients.
Securities / Derivatives
CFTC Proposes Rules on Operational Resilience, Funds Segregation
By Editors | 20/12/2023
The CFTC also granted DCO registration to a crypto derivatives exchange and brokerage, allowing it to act as its own clearinghouse.
Sanctions
OFAC Sanctions Hong Kong, UAE Firms for Russian Oil Trades
By Editors | 20/12/2023
US aims to strengthen G7 oil price cap sanctions with asset freeze on Russian state-owned ship manager and Hong Kong and UAE companies found trading Russian oil above the cap.
Sanctions
US Sanctions Companies Across Asia for Procuring Parts for Iranian UAVs
By Editors | 20/12/2023
OFAC sanctions targets in Hong Kong, Indonesia, and Malaysia as DOJ indicts Iranian and Chinese nationals.
Securities / Derivatives
CFTC Approves Rule to Allow UPI Use in Swaps Reporting
By Sanday Chongo Kabange | 19/12/2023
The use of the UPI in the reporting of OTC derivatives in the US will start on 29 January 2024.
ESG / Sustainability
BSP Approves New Incentives to Promote Sustainable Finance
By Sanday Chongo Kabange | 19/12/2023
The measures include extra lending capability and a reduced reserve requirement rate on sustainable bonds issued by banks.
Crypto / Digital Assets
FASB Issues Standards to Implement ‘Fair Value’ Accounting for Crypto
By Mark Johnston | 18/12/2023
Fair value accounting allows firms to provide a clearer view of their financial position and the actual economic value of their crypto holdings.
Enforcement
Ex-FBI Agent Jailed for Helping Sanctioned Russian Oligarch
By Editors | 18/12/2023
Former FBI agent Charles McGonigal conspired to violate US sanctions and commit money laundering to help sanctioned Russian oligarch Oleg Deripaska.
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