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United States
AML / KYC
FinCEN Launches Beneficial Ownership Information Registry
By Nithya Subramanian | 03/01/2024
Existing companies have one year to lodge their beneficial ownership information while new companies have 90 days from registration.
Crypto / Digital Assets
US Prosecutors Will Not Pursue Second Trial for FTX Founder
By Nithya Subramanian | 02/01/2024
The DOJ said a second trial to address additional charges against Sam Bankman-Fried would delay sentencing and provide no benefit to victims.
ESG / Sustainability
NYDFS Finalises Guidance on Climate Risk Management
By Manesh Samtani | 27/12/2023
NYDFS has finalised the guidance but plans to first collect information from regulated organisations before establishing any concrete implementation timelines.
Sanctions
China Sanctions Data Provider Kharon and Two Employees in Response to US Sanctions
By Editors | 26/12/2023
China’s Ministry of Foreign Affairs announced sanctions against US-based Kharon and two researchers under the Anti-Foreign Sanctions Law in response to US human rights sanctions.
Enforcement
Singapore Announces Criminal Charges Over DPRK Gasoil Sales
By Editors | 26/12/2023
Defendants are accused of shipping gasoil to North Korea in violation of UN sanctions via the MT Courageous, an oil tanker seized by the US in 2021.
Sanctions
US Threatens Foreign Banks with Sanctions over Russia Transactions
By Editors | 23/12/2023
New executive order authorises OFAC to sanction non-US banks for facilitating certain Russian transactions as US imposes new restrictions on Russian seafood and gold imports.
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.
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