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AML / KYC
US Lawmaker Seeks Clarity on Tornado Cash Sanctions
By Editors | 28/08/2022
US Congressman Tom Emmer says the designations against Tornado Cash wallet addresses are a “divergence from previous OFAC precedent”.
ESG / Sustainability
Global Banks Worry of Extraterritoriality in EU’s CSRD – Report
By Editors | 28/08/2022
CSRD is “off-putting” for banks’ clients, as it would subject foreign companies to the full set of rules if they list even a single instrument in the EU.
Capital / Liquidity
Canada OFSI Issues Guidance on Bank Treatment of Crypto
By Mark Johnston | 28/08/2022
OFSI provides no recognition (i.e., a 100% haircut) for Group 2 cryptoassets held as collateral, but is seeking views on hedging practices that could warrant a lower haircut.
Securities / Derivatives
BOE Confirms Plans to Remove USD LIBOR Contracts from DCO
By Editors | 26/08/2022
The BOE will add SOFR overnight index swaps to the scope of contracts subject to the derivatives clearing obligation and remove USD LIBOR contracts in April 2023.
AML / KYC
Wolfsberg Group Issues Guidance on Correspondent Banking RFIs
By Editors | 24/08/2022
When used to its “fullest potential”, the RFI process can provide insights into how respondents’ AML/KYC programmes work in practice.
Sanctions
MOEX Stops Accepting USD as Collateral in FX, Securities Markets
By Editors | 24/08/2022
Russian authorities have been actively looking to reduce domestic reliance on the currencies of so-called ‘unfriendly’ nations.
ESG / Sustainability
IMF Issues Staff Note on Mobilising Climate Finance
By Editors | 23/08/2022
The IMF staff note explores the factors that limit climate finance and what policymakers can do to address them, particularly in emerging market and developing economies.
Crypto / Digital Assets
Academic Study Finds Broader Front-Running Problem at Coinbase
By Mark Johnston | 23/08/2022
University of Technology Sydney researchers estimate that insider trading occurred on 10-25% of new crypto listings at Coinbase between Sept 2018 and May 2022.
AML / KYC
India, Russia Continue to Explore Non-USD Trade Options
By Editors | 23/08/2022
Indian and Russian banks are discussing the use of customised trade accounts and an exchange rate mechanism that will enable trade settlement in rupees and rubles.
AML / KYC
US Concerned India is Routing Russian Oil to New York
By Editors | 22/08/2022
An Indian vessel picked up oil from a Russian tanker at sea, then brought it to an Indian port to be refined and shipped on to New York.
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