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Regulatory Watch News

  • Treasury Sanctions Hizballah Operatives Exploiting Lebanon’s Cash Economy

    OFAC

    WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking action to support the disarmament of Hizballah by sanctioning individuals who facilitated funneling tens of millions of dollars from Iran to Hizballah in 2025, using exchange houses to take advantage of Lebanon’s cash-based financial sector.  Hizballah uses these funds to support its paramilitary forces, rebuild its terrorist infrastructure, and resist the Lebanese government’s efforts to assert sovereign control over all Lebanese territory.  Hizballah’s exploitation of money exchange companies and the cash economy to launder illicit funds threatens the integrity of the Lebanese financial system by blending terror financing with legitimate commerce.

  • Update to the UK Sanctions List: Counter Terrorism Sanctions Regime

    OFSI

    Today, Thursday 6 November, the UK Government has designated 1 individual and 1 entity under the Counter Terrorism Sanctions Regime. Individual designated:

    Name OFSI ID Unique ID
    Kieren James GALLAGHER 17216 CTD009
      Entity designated:
    Name OFSI ID Unique ID
    New Irish Republican Army 17217 CTD0010

  • Shortcomings in money laundering prevention: administrative fine of 45 million euros imposed on J.P. Morgan SE

    BaFin

    The Federal Financial Supervisory Authority (BaFin) has imposed an administrative fine of 45 million euros on J.P. Morgan SE, domiciled in Frankfurt am Main. The administrative fine was imposed due to shortcomings in the company’s money laundering prevention. The credit institution culpably breached its supervisory obligations regarding internal processes for the submission of suspicious transaction reports. As a result of these procedural shortcomings, in the period from 4 October 2021 to 30 September 2022, J.P. Morgan SE systemically failed to submit suspicious transaction reports without undue delay.

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