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Financial Crime, Sanctions, US

NEWS: US sanctions shipping network for smuggling oil from Iran

Premium September 3, 2025

United States Department of the Treasury logo and U.S. flag are seen in this illustration taken April 23, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

INSIGHT: What companies must know about the new Malta Settlement and Enforcement Guide

NEWS: AML Intelligence Academy launches four Recommended Specialist Courses

NEWS: Former ECB Supervisory Board member Elizabeth McCaul tells #EAFCS2026 how ‘digital twins’ are redefining compliance

By Katharine Jackson

THE U.S. Treasury Department has sanctioned a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi oil.

The administration of President Donald Trump is keeping pressure on Iran while nuclear talks have stalled. A sixth round of negotiations was suspended after the start of a 12-day war in June.

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INSIGHT: What companies must know about the new Malta Settlement and Enforcement Guide

NEWS: AML Intelligence Academy launches four Recommended Specialist Courses

NEWS: Former ECB Supervisory Board member Elizabeth McCaul tells #EAFCS2026 how ‘digital twins’ are redefining compliance

Regulatory Watch News

  • Administrative monetary penalties: Changes following legislative amendments

    FINTRAC

    FINTRAC has had the legislative authority to issue administrative monetary penalties to reporting entities that are in non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations since December 30, 2008. The Strengthening Canada’s Immigration System and Borders Act (Bill C-12), which received Royal Assent on March 26, 2026, introduces a new administrative monetary penalties framework under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

  • OLAF helps uncover suspected textile diversion scheme

    OLAF

    The European Anti-Fraud Office (OLAF) has supported a coordinated customs operation with Polish and Spanish customs that led to the seizure of several containers of textiles suspected of being diverted onto the EU grey market instead of being exported to Africa as declared. The operation focused on flows of goods transported from China towards Africa via a rail corridor entering the European Union through Poland and then expected to leave the EU via the ports of Spain to Africa. According to customs declarations, the goods – mainly textiles – were only transiting through the EU and were not intended for the sale on European market.

  • Scam alert related to banks

    HKMA

      The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to the press releases issued by the banks listed below relating to fraudulent websites, internet banking login screens, phishing emails or other scams, which have been reported to the HKMA.  Hyperlinks to the press releases are available on the HKMA website.  

           Bank        Type of Scam
    The Bank of East Asia, Limited Fraudulent website and internet banking login screen
    Shanghai Commercial Bank Limited Fraudulent website and internet banking login screen
    Chong Hing Bank Limited Fraudulent website and internet banking login screen
    OCBC Bank (Hong Kong) Limited Fraudulent websites and internet banking login screens
     

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