Sanctions

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    Sanctions

    India, Russia Suspend Efforts to Enable Trade via Rupees – Report

    By Editors | 05/05/2023

    Russia is reportedly concerned that a rupee settlement mechanism could cause it to end up with a large rupee surplus which is “not desirable”.

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    Fintech / Regtech

    RBI, BIS Launch G20 TechSprint Focusing on Cross-border Payments

    By Editors | 05/05/2023

    The 2023 TechSprint will focus on technology solutions to address illicit finance risk, FX and liquidity solutions, and technology for CBDC platforms.

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    Sanctions

    EU to Extend Sanctions Regime to Cover Corruption

    By Manesh Samtani | 04/05/2023

    The EU would be able to target serious acts of corruption worldwide with travel bans and asset freezes, similar to the US Magnitsky Act.

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    Crypto / Digital Assets

    OFAC Fines Crypto Firm Poloniex for 66,000 Sanctions Violations

    By Editors | 03/05/2023

    Poloniex allowed customers located in Crimea, Cuba, Iran, Sudan, and Syria to engage in online digital asset-related transactions worth $15.3mn.

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    Sanctions

    India, Russia to Explore Cross-border Payment Linkages

    By Editors | 02/05/2023

    India agreed to explore the acceptance of Russian Mir cards, a link with Russia’s Faster Payments System, and adoption of Russia’s financial messaging system.

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    Sanctions

    US Authorities Issues First ‘Wrongful Detention’ Sanctions

    By Editors | 02/05/2023

    Russia’s Federal Security Service, Iran’s Islamic Revolutionary Guard Corps Intelligence Organization, and four Iranian officials were designated.

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    AML / KYC

    Combatting TBML Through Beneficial Ownership and Enhanced Transparency

    By Jeremy Moller | 02/05/2023

    Jeremy Moller discusses TBML trends, indicators, and how Australia’s proposed beneficial ownership registry could help mitigate this threat.

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    Enforcement

    British American Tobacco to Pay $629m in DPRK Sanctions Case

    By Mark Johnston | 27/04/2023

    OFAC’s $508mn penalty, its largest ever against a non-financial institution, settles charges related to the export of tobacco products to North Korea.

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    AML / KYC

    US Official Details Sanctions Evasion Red Flags During European Visit

    By Editors | 25/04/2023

    Treasury official Brian Nelson met with European officials and FIs last week and shared details about emerging sanctions evasion typologies.

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    AML / KYC

    OFAC Sanctions Three for Facilitating Lazarus Group Activities

    By Editors | 25/04/2023

    China-based and Hong Kong-based crypto traders and a North Korean national were sanctioned for laundering illegal proceeds for Lazarus Group.

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