Sanctions

AML / KYC

Australian Parliament Approves Magnitsky-style Sanctions Law

By Manesh Samtani | 05/12/2021

The legislation will allow Australia to address gross human rights violations, serious corruption, malicious cyber activity, among other themes.

Enforcement

Japan FSA Orders Mizuho to Undergo Structural Reforms

By Editors | 29/11/2021

Mizuho is directed to formulate plans to improve its governance and prevent more system failures from occurring. Three top executives will resign.

AML / KYC

Australia Introduces Sanctions Reform Bill to Parliament

By Manesh Samtani | 28/11/2021

The bill allows targeted sanctions to be imposed to address themes such as gross human rights violations, malicious cyber activity and serious corruption.

AML / KYC

US Treasury Sanctions Cambodian Officials for Corruption

By Ranamita Chakraborty | 13/11/2021

Businesses in Cambodia are warned to “be mindful of interactions with entities in corrupt business practices, criminal activities and human rights abuses”.

AML / KYC

Wolfsberg Group Endorses ISO 20022 Screening Guidelines

By Sanday Chongo Kabange | 11/11/2021

Wolfsberg Group says the adoption of ISO 20022 enables improved adherence to the group’s own ‘Payments Transparency Principles’.

Enforcement

US Treasury Announces New Ransomware-related Sanctions

By Manesh Samtani | 09/11/2021

The US Treasury Department, OFAC, State Department, DOJ, and FinCEN have taken coordinated action to counter the ransomware threat.

AML / KYC

AUSTRAC Asks Banks to Avoid Indiscriminate De-banking Practices

By Editors | 31/10/2021

De-banking activities lead criminal activity underground and compound the risks criminals pose to Australia’s financial system and the community.

AML / KYC

FATF Issues Final Updated Guidance on Virtual Assets, VASPs

By Manesh Samtani | 29/10/2021

The guidance offers clarification on the definition of VASPs, and explains how the FATF standards apply to stablecoins, P2P transactions, NFTs and DeFi.

AML / KYC

FATF Completes Phase One of Unintended Consequences Project

By Manesh Samtani | 29/10/2021

The FATF has published summary results from a stocktake to understand the unintended consequences that are occurring as a result of AML/CFT standards.