Sanctions

AML / KYC

FCA Directs Challenger Banks to Bolster FCC Controls

By Editors | 26/04/2022

The FCA said it found weaknesses relating to customer due diligence, risk assessment, management of transaction monitoring alerts, and SAR quality.

AML / KYC

Philippine Banks Directed to Monitor Gaming-related Transactions

By Editors | 25/04/2022

FIs are asked to bolster their CDD and file reports when suspicious transactions are observed involving play-to-earn games such as the recently-hacked Axie Infinity.

Fintech / Regtech

Russia Finalises Bill to Give Crypto Legal Tender Status

By Sanday Chongo Kabange | 23/04/2022

The February version of the bill proposed to only allow crypto to be used as an investment vehicle. A digital ruble will be ready next year.

AML / KYC

OFAC Sanctions Russian Crypto Miners, UK Targets Military

By Manesh Samtani | 21/04/2022

OFAC designated Russian crypto miners and a bank offering sanctions evasion services. The UK sanctioned Russian generals and others supporting the military.

AML / KYC

Countries Must ‘Redouble Efforts’ to Fight Financial Crime: FATF

By Manesh Samtani | 19/04/2022

The FATF finds that countries have made “huge progress” in improving technical compliance, but many still face substantial challenges in taking effective action.

AML / KYC

APAC Banks Need to Increase Vigilance to TBML Risks

By Editors | 19/04/2022

Panellists at a recent Regulation Asia webinar discussed the need for greater vigilance to TBML risks and how workflow enhancements can improve outcomes.

AML / KYC

US Treasury Sanctions Lazarus Entities Over ‘Ronin Bridge’ Hack

By Editors | 19/04/2022

OFAC has added a list of entities associated with Lazarus to its sanctions list, including a specific Ethereum wallet address associated with the attackers.

AML / KYC

CNOOC to Exit Western Markets Over Sanctions Risk, Red Tape

By Editors | 18/04/2022

“We cannot predict if the company or its affiliates and partners will be affected by US sanctions in future,” CNOOC said after reviewing its global portfolio ahead of a Shanghai IPO.

AML / KYC

GCFFC Task Force to Drive Sanctions Compliance in Crypto

By Editors | 17/04/2022

The founding members of the task force are Chainalysis, Elliptic, GDF and Safello, who will together work to support sanctions compliance in the crypto industry.