Sanctions Monthly Update – August 8, 2022

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Fintelekt Academy presents the Monthly Sanctions Update as on 8th August 2022 by Peter Piatetsky, CEO and Co-Founder, Castellum.AI.

New sanctions on Russia have continued to slow in July. However, there is continued emphasis by leading sanctions authorities on enforcement of Russia-related sanctions. Crypto is increasingly in enforcement crosshairs in various jurisdictions, with major public stories highlighting that crypto exchanges are suspected of facilitating transactions in sanctioned jurisdictions.

Key points covered in this update:

  • Fines issued by the Reserve Bank of India (RBI) against four cooperative banks
  • Transactions processed by several foreign crypto exchanges in India without meeting local KYC and AML regulations
  • New sanctions regime adopted by the Biden Administration
  • Several licenses issued by OFAC related to Russia
  • 7th package of sanctions issued by the EU against Russia
  • UK’s Russian oil import ban in force
  • An extraordinary red alert issued jointly by UK HMT OFSI, National Crime Agency (NCA), National Economic Crime Centre (NECC), and Joint Money Laundering Intelligence Unit (JMLIT)
  • The C-19 bill adopted by Canada
  • A guidance document issued by FATF on a Risk-based Approach for the Real Estate Sector
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