INSIGHT: Marshall Islands company hit with US sanctions – here are the key lessons

Regulatory Watch News

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  Treasury Sanctions Company Associated with Salt Typhoon and Hacker Associated with Treasury Compromise

  OFAC

  January 17, 2025

  WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning Yin Kecheng, a Shanghai-based cyber actor who was involved with the recent Department of the Treasury network compromise. Additionally, OFAC is sanctioning Sichuan Juxinhe Network Technology Co., LTD., a Sichuan-based cybersecurity company with direct involvement in the Salt Typhoon cyber group, which recently compromised the network infrastructure of multiple major U.S. telecommunication and internet service provider companies. People’s Republic of China-linked (PRC) malicious cyber actors continue to target U.S. government systems, including the recent targeting of Treasury’s information technology (IT) systems, as well as sensitive U.S. critical infrastructure.

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  SEC Charges LPL Financial with Anti-Money Laundering Violations

  SEC

  January 17, 2025

  Washington D.C., Jan. 17, 2025 —

  The Securities and Exchange Commission today announced charges against broker-dealer and investment adviser LPL Financial LLC for multiple failures related to its anti-money laundering (AML) program. To resolve the SEC’s charges, LPL agreed to pay a civil penalty of $18 million and to implement improvements to its AML policies and procedures

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  The PRA announces a delay to the implementation of Basel 3.1

  Bank of England

  January 17, 2025

  The Prudential Regulation Authority (PRA), in consultation with HM Treasury, has decided to delay the implementation of Basel 3.1 in the UK by one year until 1 January 2027. This allows more time for greater clarity to emerge about plans for its implementation in the United States. Basel 3.1 is the final set of international banking reforms designed in response to the 2008 global financial crisis. It is designed to improve banks’ own measurement of risk, standardising approaches between firms to make their capital ratios more consistent and comparable.