PEPs & Sanctions

OFAC Sanctions 12 Execs of Cybersecurity Firm Kaspersky Lab

22/06/2024

Kaspersky products, services, and software updates will also be banned in the US starting from 29 September due to the company’s Russian ties.

Anti-Money Laundering

Myanmar Junta Targets Privately Owned Yoma Bank and CEO

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.

Fraud, Scams & Cybercrime

Singapore Sets Anti-Scam Obligations for E-Commerce, Messaging Platforms

21/06/2024

Failure to comply with the new codes of practice will be considered a criminal offence under the Online Criminal Harms Act, which took effect in February.

Anti-Money Laundering

FinCEN Issues Advisory to Aid Detection of Fentanyl Trafficking

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.

Market Abuse

ASIC Fines Ascot Securities for Failure to Detect Suspicious Trades 

21/06/2024

Ascot Securities should have suspected a client’s orders were manipulative, ASIC’s Markets Disciplinary Panel said.

Anti-Money Laundering

India FIU Imposes $2.25m Penalty on Crypto Exchange Binance

21/06/2024

Binance will pay the penalty as part of a push to re-enter the Indian market after its website and app were blocked in the country around six months ago.

Operational Risk

Super Funds Have More Work to Do on Valuation Governance: APRA

21/06/2024

APRA wrote to super fund trustees asking them to improve their valuation governance practices for unlisted assets, as required by SPS 530.

Market Risk

EU Confirms Decision to Postpone FRTB Implementation

20/06/2024

Commissioner Mairead McGuinness said postponing FRTB ensures a global level playing field for European banks that compete with global players.

Trading & Investment

New Zealand Working to Improve KiwiSaver Scheme

20/06/2024

Recommendations for improving KiwiSaver include the introduction of a “default” contribution rate that is higher than the minimum.