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United States
Anti-Money Laundering
Swiss Bank Exec Pleads Guilty to ‘Singapore Solution’ Tax Evasion Scheme
By Ranamita Chakraborty | 22/12/2023
Rolf Schnellmann and co-conspirators helped to fraudulently conceal the bank accounts, assets, and income of US taxpayer-clients.
Operational Risk
CFTC Proposes Rules on Operational Resilience, Funds Segregation
By Editors | 20/12/2023
The CFTC also granted DCO registration to a crypto derivatives exchange and brokerage, allowing it to act as its own clearinghouse.
PEPs & Sanctions
OFAC Sanctions Hong Kong, UAE Firms for Russian Oil Trades
By Editors | 20/12/2023
US aims to strengthen G7 oil price cap sanctions with asset freeze on Russian state-owned ship manager and Hong Kong and UAE companies found trading Russian oil above the cap.
PEPs & Sanctions
US Sanctions Companies Across Asia for Procuring Parts for Iranian UAVs
By Editors | 20/12/2023
OFAC sanctions targets in Hong Kong, Indonesia, and Malaysia as DOJ indicts Iranian and Chinese nationals.
Market Data & Technology
CFTC Approves Rule to Allow UPI Use in Swaps Reporting
By Sanday Chongo Kabange | 19/12/2023
The use of the UPI in the reporting of OTC derivatives in the US will start on 29 January 2024.
Sustainable Finance
BSP Approves New Incentives to Promote Sustainable Finance
By Sanday Chongo Kabange | 19/12/2023
The measures include extra lending capability and a reduced reserve requirement rate on sustainable bonds issued by banks.
Cryptocurrency
FASB Issues Standards to Implement ‘Fair Value’ Accounting for Crypto
By Mark Johnston | 18/12/2023
Fair value accounting allows firms to provide a clearer view of their financial position and the actual economic value of their crypto holdings.
PEPs & Sanctions
Ex-FBI Agent Jailed for Helping Sanctioned Russian Oligarch
By Editors | 18/12/2023
Former FBI agent Charles McGonigal conspired to violate US sanctions and commit money laundering to help sanctioned Russian oligarch Oleg Deripaska.
Cryptocurrency
US SEC Denies Coinbase Rule-making Petition
By Editors | 17/12/2023
SEC Chair Gary Gensler said the existing securities regime already appropriately governs crypto asset securities.
Anti-Money Laundering
India, US Pledge to Cooperate on Global Illicit Finance Risks
By Editors | 17/12/2023
Key topics of the joint India-US AML/CFT Dialogue were virtual assets, sanctions implementation, and beneficial ownership transparency.
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