To encourage democratic elections in Venezuela, US officials are drafting a proposal to ease oil sanctions against the country. If the measures are approved, President Biden may amend or replace executive orders issued by the Trump Administration in response to […]
Launching AI-driven Fraud Detection
Specializing in international cash management solutions, financial services company Ebury partnered with ComplyAdvantage to build a fit-for-purpose transaction monitoring (TM) rule set that could keep pace with the company’s rapid growth. Ebury is fully regulated in 21 countries and offers […]
The State of Compliance webinar series brings together industry experts from across the compliance sector for a hands-on look at key themes and major issues.
Following a recent review of the country’s sanctions screening programs, the Philippines Anti-Money Laundering Council (AMLC) issued guidance highlighting key gaps, deficiencies, and opportunities for regulated firms. Improving compliance will be a key priority for the country as it seeks removal from the Financial Action Task Force (FATF) grey list by January 2024.
On June 6, 2023, the Office of Foreign Assets Control (OFAC) designated three individuals and one entity in connection with the notorious Jalisco New Generation Cartel (CJNG). Two senior members of the criminal group were sanctioned for arms trafficking and […]
By tailoring screening to their risk-based approach and safely whitelisting false alerts at onboarding, Holvi has cut the time they spend remediating false positives in half.
2022 was a year defined and shaped by sanctions on an unprecedented scale. Following Russia’s invasion of Ukraine on February 24, the most comprehensive sanctions were imposed against a major power since the end of the Second World War, with the US, European Union (EU), and others coordinating their actions in new ways.
On September 30, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) published its Sanctions Compliance Guidance for Instant Payment Systems in conjunction with a settlement agreement between the agency and Tango Card, Inc. The guidance […]
On September 30, 2022, President Vladimir Putin announced the attempted illegal annexation of the Ukrainian regions of Donetsk, Luhansk, Kherson, and Zaporizhzhia. In the wake of the announcement, the Council of the EU has announced the adoption of an eighth […]
On 15 August 2022, Australia’s Minister of Foreign Affairs announced plans to designate gold as an “import sanctioned good” for Russia under sub-regulation 4A(3) of the Autonomous Sanctions Regulations 2011. The proposed amendment would prohibit the import of gold alongside […]
On August 8, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash, a virtual currency mixer, for enabling cybercriminals to launder USD 7 billion in crypto since 2019. According to OFAC’s press release, […]
The UN’s Special Rapporteur, Alena Douhan, has issued a stark warning on the consequences of over-compliance with sanctions. Douhan notes resorting to extreme measures to reduce legal, business, and regulatory risk has become tempting as governments issue more unilateral sanctions. […]