Insights

Sanctions Monthly Update – January 10, 2022

Course Duration: 6 minutes
Course Points:
5

Nicholas Turner, Of Counsel, Steptoe & Johnson presents the Monthly Sanctions Update as on January 10, 2022 where he covers updates in the month of December, as well as a roundup of the key developments in 2021.

  • Updates in December: 
    • Sanctions designations of individuals in countries such as North Korea, China, El Salvador, Myanmar, Kosovo, the Democratic Republic of the Congo (DRC) and Bangladesh.
    • Updates related to Hong Kong and China
    • Additions to the list of Chinese Military Industrial Complex Companies and implications of US persons
    • Settlements from OFAC
    • Developments related to Afghanistan for humanitarian aid
  • Key developments in 2021
  • Looking ahead: what to watch for in 2022

Sanctions Monthly Update – November 1, 2021

Course Duration: 7 minutes
Course Points:
5

Fintelekt Academy presents the Monthly Sanctions Update for October 2021 by international sanctions lawyer Nicholas Turner, Of Counsel, Steptoe & Johnson LLP. 

The US sanctions front has been slower than usual due to key nominees to positions in the US Treasury, State and Commerce departments awaiting confirmation by the US Senate. Yet there were key developments during the month that include:

  • the issuance of a report from the US Treasury Department containing findings of a review of all 37 of its sanctions programmes. The report contains five strategies for enhancing US sanctions.
  • the publication of a Sanctions Compliance Guidance for Virtual Currency Industry
  • developments in the Iran sanctions programme – including talks about negotiations returning under the JCPOA and sanctions against parties involved in Iran’s unmanned aerial vehicle programme
  • sanctions against individuals in Lebanon accused of public corruption and misuse of state assets.

For the quick but comprehensive round-up, watch the 7-minute video.

Navigating Sanctions in the Digital Era

Course Duration: 15 minutes
Course Points: 
15

Learn from Fintelekt Academy Partner Accuity, a LexisNexis Risk Solutions Company, through this video course on Navigating Sanctions in the Digital Era.

In this video, Douglas Wolfson, Director – Financial Crime Compliance, LexisNexis Risk Solutions talks about the use of Sanctions, primarily through Office of Foreign Assets Control (OFAC), United Nations Security Council, European Union, and Office of Financial Sanctions Implementation (OFSI). He also covers the changes seen in usage of Sanctions over the last few years and best ways to prepare for Sanctions in the digital era.

Douglas discusses the importance of having a strong screening program and benefits of having access to the right information.

He ends the discussion with Sanctions Landscape in 2021 and what to expect in the coming years.

Best Practices for Managing Trade Compliance amidst the Global Pandemic

Course Duration: 15 minutes
Course Points: 
15

Learn from Fintelekt Academy Partner Accuity, a LexisNexis Risk Solutions Company, through this video course on Best Practices for Managing Trade Compliance amidst the Global Pandemic.

In this video, Douglas Wolfson, Director – Financial Crime Compliance, LexisNexis Risk Solutions presents the results of a recently concluded Accuity survey on Global Trade Compliance, which attempts to understand how banks, corporates and non-banking financial institutions (NBFIs) are tackling trade compliance.

Douglas explains the trade compliance priorities of these different types of institutions, as well as key improvements that need to be made to the supply chain to track criminal activities. He provides insights based on the survey around current processes and pain points and the impact of the global pandemic on trade and evolving TBML risks.

He then goes on to discuss how trade compliance can be used as an enabler for business and to build competitive advantage. 

Sanctions Monthly Update – October 5, 2021

Course Duration: 10 minutes
Course Points: 10

Fintelekt Academy presents the Monthly Sanctions Update for September 2021 by Nicholas W. Turner, International sanctions lawyer and Of Counsel at Steptoe & Johnson LLP.

In a power-packed ten minute video, Nick provides a round-up of key developments in economic sanctions and his own commentary around:

  • reports that the National People’s Congress in China will not move forward in the near future with a proposal to incorporate elements of the PRC Anti-Foreign Sanctions Law into Hong Kong Law
  • two general licenses (14 and 15) issued by OFAC in relation to Afghanistan
  • OFAC’s update to a guidance on ransomware payments and the associated sanctions risk
  • the Executive Order in relation to Ethiopia threatening sanctions against elements of the local and national governments, and groups engaged in conflict
  • OFAC enforcement actions in the month of September involving financial institutions.

Educational Session on Shell Banks

Course Duration: 81 minutes

Fintelekt Advisory Services hosted an Educational Session on Shell Banks, in association with Association of Anti Money Laundering Compliance Officers of Banks in Bangladesh (AACOBB) on October 3, 2021.

ABM Zahurul Huda, General Manager, Bangladesh Financial Intelligence Unit gave the opening remarks at this session.

This was followed by a presentation by Surinderjit Kaur, Faculty Member, Fintelekt.

This session was closed by Abdullah Mamun, Chief Anti Money Laundering Compliance Officer (CAMLCO), Dutch-Bangla Bank Limited and General Secretary, AACOBB.

Lakshmi Kumar and Kaisa de Bel, Global Financial Integrity on U.S. Real Estate Money Laundering

Course Duration: 19 minutes
Course Points: 15

In this Partner Video, Lakshmi Kumar, Policy Director, Global Financial Integrity and Kaisa de Bel, Policy Analyst, Global Financial Integrity present the main highlights of the report on ‘Acres of Money Laundering: Why U.S. Real Estate is a Kleptocrat’s Dream’, which provides a comparative analysis of real estate money laundering regulations in the G7.

This report explores the world of global money laundering and demonstrates the ease with which criminals choose the U.S. real estate market as their preferred destination to hide and launder proceeds from illicit activities.

Lakshmi and Kaisa speak about the main findings of the report and their applicability across other jurisdictions. They discuss likely policy responses from the government and international agencies.

The report uncovers many interesting findings:

  • From cases reported in the last five years, over USD 2.3 billion have been laundered through the real estate sector in the U.S.
  • Real estate money laundering is a problem that spans the entire U.S., and not just the high value markets.
  • Over 80 per cent of the money that is being laundered in the U.S. through the real estate sector came from outside the U.S.
  • Over 50 per cent of the cases involved a Politically Exposed Person (PEP).
  • Almost 37 per cent of the cases involved commercial real estate.
  • The use of anonymous shell companies and complex corporate structures continues to be the number one money laundering typology.

Sanctions Monthly Update – September 1, 2021

Course Duration: 10 minutes
Course Points: 10

In this month’s Sanctions Update, international sanctions lawyer Nicholas W. Turner, Of Counsel, Steptoe & Johnson LLP summarises the latest developments around economic sanctions in August, including:

  1. Updates on developments in Afghanistan
  2. Postponing of measures to incorporate the Anti-Foreign Sanctions Law into the Hong Kong law
  3. Belarus-related co-ordinated sanctions
  4. Potential developments in Australia following an announcement by the Ministry of Foreign Affairs
  5. Two OFAC settlements targeting foreign financial institutions operating in the UK and Romania

Sanctions Monthly Update – August 5, 2021

Course Duration: 7 minutes
Course Points: 5

International sanctions lawyer Nicholas W. Turner, Of Counsel, Steptoe & Johnson LLC provides a round-up of the latest developments around economic sanctions in July and early August.

In this monthly update, as of August 4, 2021, Nick covers:

  1. The developments around the US-China relationship, especially relating to Hong Kong
  2. New sanctions by the US government in Cuba under the Global Magnitsky Act
  3. SDNs designated in Syria and Myanmar in July by the OFAC
  4. Key learnings from two settlements issued by the OFAC in July relating to a Swedish manufacturer and an online payments company in the US.

LexisNexis APAC 2020 True Cost of Compliance – Key Findings

Course Duration: 15 minutes
Course Points: 15

The cost of financial crime compliance has risen significantly according to the 2020 LexisNexis Risk Solutions True Cost of Financial Crime Compliance Study, Asia Pacific (APAC) Edition. Across all financial institutions in Asia-Pacific study countries of India, Indonesia, Philippines and Singapore, the annual projected cost of financial crime compliance is $12.06B for 2020, with the greatest year-on-year increase being shouldered by larger Filipino and Singaporean financial institutions.

In this course, Douglas Wolfson, Director of Financial Crime Compliance Commercial Strategy, LexisNexis Risk Solutions presents the key findings of 2020 True Cost of Financial Crime Compliance Study for Asia Pacific (APAC) as well as for four countries within APAC – The Philippines, Singapore, India and Indonesia.

To download the report, visit: https://risk.lexisnexis.com/global/en/insights-resources/research/true-cost-of-financial-crime-compliance-study-apac

Scroll to Top