Sanctions

Enforcement

OFAC Fines State Street for Sanctions Violations by Subsidiary

By Editors | 27/07/2024

Charles River Systems, acquired by State Street in 2018, redated and reissued invoices for Sberbank and VTB Bank subsidiaries to circumvent sanctions restrictions.

AML / KYC

Russian Actors ‘Ubiquitous’ in Global Crypto Crime: TRM Labs

By Editors | 27/07/2024

Sanctioned Russia-based crypto exchange Garantex accounted for 82% of crypto transactions associated with all sanctioned entities internationally in 2023.

Sanctions

Ukraine Calls on Hong Kong to Prevent Sanctions Evasion by Russia

By Editors | 26/07/2024

Hong Kong says it does not implement unilateral sanctions imposed by other countries, but does enforce sanctions imposed by UNSC.

AML / KYC

Humanitarian Crisis in Gaza Being Exploited for Terror Financing

By Ranamita Chakraborty | 26/07/2024

Singapore’s Internal Security Department warns that charities and NGOs are being used by Hamas networks to raise funds globally.

Crypto / Digital Assets

UK FCA Fines Coinbase Unit for ‘Repeated’ Regulatory Breaches

By Editors | 26/07/2024

The Coinbase payments subsidiary provided payment services to more than 13,000 “high-risk” customers, despite being subject to restrictions imposed by the FCA.

AML / KYC

US, UK, South Korea Warn of DPRK Espionage Campaign

By Editors | 26/07/2024

Joint advisory says North Korean hacker group ‘Andariel’ is a threat to entities in the US, UK, South Korea, Japan and India.

Sanctions

Russia Progresses Bill to Allow Foreign Banks to Open Branches

By Editors | 26/07/2024

The bill would enable foreign banks to open branches in Russia which they could then use to settle cross-border payments.

Sanctions

UniCredit Drops Part of Appeal Against ECB’s Russia Exit Orders

By Editors | 25/07/2024

UniCredit said it has received “sufficient clarity” from the ECB on certain parts of its application to the GCEU.

Sanctions

Australia Imposes First Sanctions Against Israelis in West Bank

By Editors | 25/07/2024

Seven Israelis and a youth group were sanctioned for their involvement in violent attacks against Palestinian communities.