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United States
Sanctions
OFAC Removes Former VTB Bank Subsidiary from Sanctions List
By Editors | 04/04/2024
German authorities took control of VTB’s European subsidiary in 2022. The Russian parent was unable to exercise its rights due to sanctions.
Sanctions
More of Central Asia Stops Accepting Russian Mir Cards
By Editors | 04/04/2024
Kyrgyzstan’s national payments operator, and banks in Kazakhstan and Tajikistan, have stopped accepting Mir cards due to sanctions concerns.
Crypto / Digital Assets
New BIS Project Seeks Overhaul of Global Payment System
By Manesh Samtani | 04/04/2024
Seven central banks will develop common infrastructure that can accommodate tokenised versions of wholesale central bank money and commercial bank deposits.
Sanctions
US Lawmakers Propose Four New Anti-China Bills
By Editors | 03/04/2024
One bill would prevent index funds from investing in Chinese companies. Another would require listed companies to disclose their “China risks”.
Sanctions
US Urges Korea to Restrict Technology Exports to China
By Editors | 03/04/2024
The US has asked South Korea to restrict the flow of equipment and technologies for making high-end logic and memory chips to China.
Enforcement
Hong Kong Insurance Authority Signs Collaboration MoU with HKPF
By Sanday Chongo Kabange | 03/04/2024
The Insurance Authority and Hong Kong Police Force will collaborate on case referrals, joint investigations and capacity building.
Fintech / Regtech
The Compliance Complexity Driving RegTech Demand in APAC
By Ed Probst | 02/04/2024
The growing complexity of regulatory requirements including in the reporting space is prompting FIs to rethink their approach to compliance, says Ed Probst.
AML / KYC
FinCEN Considers Changes to CIP Rule to Modernise AML/CFT Regime
By Sanday Chongo Kabange | 02/04/2024
FinCEN is considering changes to requirements for banks to collect a full Social Security number from customers during onboarding.
Crypto / Digital Assets
Russia Using Tether Stablecoin to Circumvent Sanctions – Report
By Editors | 02/04/2024
One China-based smuggler used a Hong Kong distributor, shipments via Central Asia, and Tether for payments to fulfill Russian orders for drone parts.
Enforcement
Trafigura Agrees to Pay $126m to Settle FCPA Violations
By Editors | 01/04/2024
The DOJ says Trafigura bribed Brazilian officials from 2003 and 2014 to illegally obtain and retain business and reap over $61mn in profits.
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