Featured Sanctions

EU adopts new directive on combating money laundering by criminal law

The Council of the European Union has adopted new rules establishing jail sentences and sanctions for money launderers and terror financiers. The new directive complements, on the criminal law aspects, the directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist… Read More

George Pearmain, lead policy adviser on financial crime for Jersey, on his concerns and priorities for the Island

George Pearmain, lead policy adviser on financial crime for Jersey, on the past successes and future challenges for the island's financial crime prevention regime. Read More

Dan Tannebaum of PwC’s Financial Crimes Unit on the compliance challenges faced by money service businesses

KYC360's Tom Devlin speaks to Dan Tannebaum, Partner of the Financial Crimes Unit and Global Financial Services Sanctions Leader at PwC. Read More
15th October 2018
The Council of the European Union has adopted new rules establishing jail sentences and sanctions for money launderers and terror financiers. The new directive complements, on the criminal law aspects, the directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist… Read More
15th October 2018
Saudi Arabia on Sunday warned against threats to punish it over last week’s disappearance of journalist Jamal Khashoggi, as European leaders piled on pressure and two more U.S. executives scrapped plans to attend a Saudi investor conference. Khashoggi, a U.S. resident and Washington Post columnist critical of Riyadh’s policies, disappeared… Read More
10th October 2018
U.S. authorities are investigating whether Standard Chartered (STAN.L) breached Iran-related compliance rules as recently as 2013, a year after it settled with them over earlier allegations of breaches and pledged to improve internal controls. Standard Chartered’s chief executive Bill Winters said in a memo to senior staff addressing recent media… Read More
9th October 2018
The US Treasury’s Office of Foreign Assets Control (OFAC) has reached a $5,263,171 settlement with JPMorgan Chase Bank (JPMC) over violations pertaining to sanctions, covering Iran, the Cuban assets control rules and weapons of mass destruction proliferators. The transactions were net settlement payments, of which a ‘very small portion’… Read More
8th October 2018
The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a U.S. government official said on Friday. The administration withdrew from a deal over Tehran’s nuclear programme in May and is unilaterally reimposing sanctions on Iran’s… Read More
5th October 2018
The Trump administration is giving greater priority to Iran and radical groups it backs in a new U.S. counterterrorism strategy document released on Thursday that further increases the pressure from Washington on Tehran. The strategy, unveiled by National Security Adviser John Bolton, is the first issued since 2011 when the… Read More
5th October 2018
AP — North Korea’s nuclear and missile tests have stopped, but its hacking operations to gather intelligence and raise funds for the sanction-strapped government in Pyongyang may be gathering steam. U.S. security firm FireEye raised the alarm Wednesday over a North Korean group that it says… Read More
4th October 2018
AP — The United Nations’ highest court on Wednesday ordered the United States to lift sanctions on Iran that affect imports of humanitarian goods and products and services linked to civil aviation safety. The ruling by the International Court of Justice is legally binding, but the… Read More
2nd October 2018
Standard Chartered reportedly expects to be fined around $1.5 billion by US agencies for violating Iran sanctions dating from at least five years ago. The possible charges are linked to whether it allowed Iranian-linked firms to transfer money through a Dubai unit, according to Bloomberg. The agencies involved, which include… Read More
2nd October 2018
The Nord Stream 2 gas pipeline is important to secure German energy supplies and Russia is a safe and reliable provider, Thomas Bareiss, Germany’s state secretary for energy, said. U.S. President Donald Trump has said the project increases reliance on Russian gas and has warned Western firms invested in it… Read More
Must Read

EU adopts Sixth Anti-Money Laundering Directive EU 6AMLD, deadline set

Countries across the European Union will have two years to implement a new system of jail sentences and sanctions for money launderers following the formal adoption of the EU’s latest anti-money laundering directive, dubbed 6AMLD (Sixth Anti-Money Laundering Directive) on 11 October 2018. Once the directive is published in the… Read More

Anti-money laundering compliance costs hit $25 billion annually – study

The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More