Sanctions

AML / KYC

Myanmar Junta Targets Privately Owned Yoma Bank and CEO

By Editors | 22/06/2024

Yoma Bank and its CEO are being investigated by the military junta for transferring assets to Thailand and offering financing for overseas real estate purchases.

AML / KYC

FinCEN Issues Advisory to Aid Detection of Fentanyl Trafficking

By Editors | 21/06/2024

The advisory says FIs should look out for counterparties that are chemical or pharmaceutical companies in China, Hong Kong, or other jurisdictions, especially if they use shared addresses.

Sanctions

Canada Designates Iran’s IRGC as Terrorist Organisation

By Editors | 20/06/2024

The designation means Canadian FIs are required to immediately freeze the property of the IRGC, and it is a criminal offence for Canadians to support the group.

Sanctions

Canada Imposes More Sanctions Over Alexei Navalny’s Death

By Editors | 19/06/2024

This is Canada’s 5th package of sanctions imposed in response to the poisoning, imprisonment and death of Russian opposition leader Alexei Navalny.

Sanctions

Sanctioned Russian Billionaire Files Lawsuit Against UBS – Reports

By Editors | 19/06/2024

Alisher Usmanov claims that STRs filed by UBS were “unsubstantiated, if not knowingly false” and triggered an illegal criminal investigation against him.

Sanctions

OFAC Sanctions Targets Linked to Houthi Weapons Procurement

By Editors | 18/06/2024

OFAC designated three companies in China; entities in Hong Kong, UAE and Oman; three individuals; and a vessel.

Sanctions

G7 Leaders Issue Joint Sanctions Warning Against China

By Editors | 17/06/2024

The G7 vowed to take measures against actors in China that materially support Russia’s “war machine”, including FIs.

Sanctions

EU Sanctions Package Delayed Over Verification Rule

By Editors | 16/06/2024

Germany fears that its exporters could be impacted by requirements to verify that customers are not transshipping goods to Russia.

Sanctions

Indian Banks Calls on Government to Set Up “OFAC Cell”

By Editors | 16/06/2024

Bankers say an “OFAC cell” created within the DFS could help them minimise the risks of sanctions non-compliance.