Sanctions

AML / KYC

EU Set to Propose Sixth Sanctions Package Against Russia

By Manesh Samtani | 04/05/2022

The new measures include a possible phased-in embargo on buying Russian oil and EU sanctions against Sberbank, with Germany’s backing.

AML / KYC

Korean Police Arrest Woori Employee for Embezzlement

By Editors | 03/05/2022

The theft occurred in three separate withdrawals between 2012 and 2018. It went undetected despite 11 inspections and audits at Woori during the period.

AML / KYC

Chinese Regulators Consider Options to Guard Against Sanctions

By Editors | 02/05/2022

Officials from the PBOC, MOF and CSRC reportedly met with foreign and domestic banks to discuss ways to protect China’s foreign assets from possible future US sanctions.

AML / KYC

MAS Issues Guidance on Uplifting Name Screening Systems

By Manesh Samtani | 30/04/2022

MAS observed an overreliance on system vendors to set the screening parameters. Most FIs did not enquire about or assess vendors’ information sources.

AML / KYC

ICMA Issues Guidance on Repo Trades Impacted by Sanctions

By Manesh Samtani | 27/04/2022

ICMA provides guidance on handling situations where counterparties may fail to deliver collateral securities due to the imposition of sanctions.

Sanctions

Myanmar Exempts Foreign Firms from FX Conversion Rule

By Editors | 27/04/2022

An order requiring all foreign currency held in bank accounts to be converted into local currency will not apply to businesses in special economic zones and most other foreigners.

AML / KYC

China UnionPay to Halt Operations in Russia

By Editors | 27/04/2022

UnionPay has reportedly halted negotiations with Russian banks on issuing new bank cards for their customers to avoid possible sanctions.

AML / KYC

China Proposes to Enhance Licencing System for Dual-use Goods

By Darien Choong | 26/04/2022

The draft regulations are aimed at fulfilling China’s international obligations on non-proliferation and addressing the fragmented structure of the existing rule system for export controls.

AML / KYC

AMLC Philippines Launches Review of Sanctions Screening Practices

By Editors | 26/04/2022

The AMLC has partnered with AML Analytics as its testing and validation partner to conduct a thematic review of customer- and transaction-screening systems at FIs and DNFBPs.