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Crypto / Digital Assets
BNY Mellon Launches Digital Asset Custody Platform
By Editors | 13/10/2022
BNY Mellon is the first systemically important US bank to launch a crypto custody platform, leveraging technology from Fireblocks and Chainalysis.
Securities / Derivatives
US SEC Approves Update to Electronic Recordkeeping Rule
By Editors | 13/10/2022
The amendments add an audit-trail alternative allowing electronic records to be preserved in a way that permits recreation if original records are altered, over-written, or erased.
Sanctions
US Blocks Export of Computing Chips to China
By Editors | 12/10/2022
The export controls are aimed at preventing the transfer of advanced technology to China’s military, intelligence and security services.
AML / KYC
US Treasury Penalises Crypto Exchange Bittrex $29mn
By Editors | 12/10/2022
OFAC and FinCEN took joint action for sanctions screening failures and violations of AML and SAR reporting requirements.
Enforcement
UK FCA Queries Banks About Staff Messaging Practices
By Editors | 12/10/2022
The queries come after US regulators collected over $2bn in combined penalties from firms for failures to maintain, preserve, or produce staff communication records.
ESG / Sustainability
Republicans Withdraw US$1b From BlackRock Over ESG
By ESG Investor | 11/10/2022
Republican-governed US states have started to withdraw state funds from BlackRock due to the asset manager’s ESG investment policies.
AML / KYC
US Targets Fuel Procurement Network in Latest DPRK Sanctions
By Editors | 11/10/2022
The sanctions are against two Singapore companies, a Marshall Islands entity, and two individuals for illicit ship-to-ship transfers to deliver fuel to North Korea.
AML / KYC
US Says Hong Kong Risks Becoming Haven for Sanctioned Russians
By Editors | 11/10/2022
The warning came days after Hong Kong indicated it would not pursue action against a superyacht owned by a sanctioned Russian oligarch that docked in the city.
Market Infrastructure
US, EU Move to Adopt New Data Sharing Framework
By Editors | 10/10/2022
The legal basis for transatlantic data transfers has been uncertain since 2020, after the EU-US Privacy Shield was declared invalid under EU law.
Market Infrastructure
FASB Extends LIBOR Accounting Relief for Two More Years
By Editors | 10/10/2022
The relief delays more onerous accounting treatment that borrowers with legacy LIBOR loans would face if the relief was not extended.
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