Tag: NDAA
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Regulatory Watch News
Kazakhstan: New Reports on Party Funding Transparency and Criminal Law Convention on Corruption Incriminations
GRECO
In two new Evaluation Reports published today, GRECO assesses the efforts of Kazakhstan to ensure incriminations for corruption and transparency of party funding, and formulates 17 recommendations for specific actions to be taken by the Kazakh authorities to address the shortcomings identified by GRECO. The reports also note a number of steps already taken.
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 websites and internet banking login screens Shanghai Commercial Bank Limited Fraudulent websites and internet banking login screens Chong Hing Bank Limited Fraudulent websites and internet banking login screens OCBC Bank (Hong Kong) Limited Fraudulent websites and internet banking login screens The Hongkong and Shanghai Banking Corporation Limited Fraudulent websites and internet banking login screens 
Treasury Proposes Rule to Implement the GENIUS Act’s Requirements to Counter Illicit Finance
FinCEN
Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control issued a joint proposed rule to implement provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The proposed rule, which implements the GENIUS Act’s anti-money laundering and sanctions compliance program requirements, encourages innovation in payment stablecoins while providing an appropriately tailored regime to mitigate potential illicit finance risks. The proposed rule would subject permitted payment stablecoin issuers (PPSIs) to requirements applicable to financial institutions relating to prevention of money laundering and impose obligations specified in the GENIUS Act. Consistent with FinCEN’s efforts to modernize Bank Secrecy Act requirements, the proposed obligations are designed to be fit for purpose, assist law enforcement, and minimize unnecessary burden. The proposed rule would require PPSIs to adopt and maintain an effective sanctions compliance program as required by the GENIUS Act.
