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PEPs & Sanctions
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.
PEPs & 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.
PEPs & Sanctions
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.
KYC & CDD
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.
Anti-Money Laundering
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.
Operational Risk
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.
PEPs & Sanctions
OFAC Sanctions Hong Kong, UAE Firms for Russian Oil Trades
By Editors | 20/12/2023
US aims to strengthen G7 oil price cap sanctions with asset freeze on Russian state-owned ship manager and Hong Kong and UAE companies found trading Russian oil above the cap.
PEPs & Sanctions
US Sanctions Companies Across Asia for Procuring Parts for Iranian UAVs
By Editors | 20/12/2023
OFAC sanctions targets in Hong Kong, Indonesia, and Malaysia as DOJ indicts Iranian and Chinese nationals.
Market Data & Technology
CFTC Approves Rule to Allow UPI Use in Swaps Reporting
By Sanday Chongo Kabange | 19/12/2023
The use of the UPI in the reporting of OTC derivatives in the US will start on 29 January 2024.
Sustainable Finance
BSP Approves New Incentives to Promote Sustainable Finance
By Sanday Chongo Kabange | 19/12/2023
The measures include extra lending capability and a reduced reserve requirement rate on sustainable bonds issued by banks.
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