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Sanctions
Australia Issues Draft Bill on Financial Advice Reforms
By Editors | 21/04/2021
The bill will expand the role of ASIC’s Financial Services and Credit Panel so that it operates as the single disciplinary body for financial advisers.
AML / KYC
China Cracks Down on Payments from Underground Banks
By Sanday Chongo Kabange | 19/04/2021
Criminal groups reportedly colluded with underground banks to launder money by disguising their illegal proceeds as payments for goods.
AML / KYC
US Sanctions Russia Over Election Interference, Cyber Attack
By Manesh Samtani | 16/04/2021
US banks will be barred from purchasing rouble-denominated sovereign bonds in the primary market starting from 14 June.
Enforcement
Myanmar: Korean Banks Raise Vigilance After Employee Shooting
By Ranamita Chakraborty | 05/04/2021
A Shinhan Bank employee has died after being shot in the head by Myanmar’s military forces. Meanwhile, local private banks are being fined for remaining closed.
AML / KYC
China Sanctions UK, US, Canadian Individuals and Entities
By Editors | 30/03/2021
The sanctions follow coordinated action by the US, EU, UK and Canada last week to sanction Chinese officials and entities over Xinjiang.
AML / KYC
US Sanctions Holding Companies Backing Myanmar Military
By Editors | 26/03/2021
The new sanctions target the Myanmar military’s control of significant segments of the country’s economy, which is a vital financial lifeline for the military junta.
AML / KYC
First North Korean Set to Face US Money Laundering Charges
By Manesh Samtani | 24/03/2021
Extradited to the US two years after his arrest in Malaysia, the North Korean national will face charges for money laundering, evading sanctions, and defrauding banks.
AML / KYC
Beijing Financial Court Created to Counter US Long Arm Jurisdiction
By Sanday Chongo Kabange | 23/03/2021
The extraterritorial application of China’s financial laws will play a bigger role in opening up the domestic market, the Supreme People’s Court said.
AML / KYC
EU Sanctions Officials from China, Myanmar, Others
By Editors | 22/03/2021
The EU, US, UK and Canada all imposed sanctions against Chinese officials and entities on Monday, citing human rights abuses in Xinjiang.
AML / KYC
US Sanctions 24 Officials Over Hong Kong Electoral Changes
By Editors | 19/03/2021
Foreign financial institutions that knowingly conduct significant transactions with the 24 individuals are subject to sanctions.
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