NEWS: Catalogue of most serious, blatant AML violations at Banque Audi leads to censure by Swiss regulator

Regulatory Watch News

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  Fraudulent website related to The Hongkong and Shanghai Banking Corporation Limited

  HKMA

  April 2, 2025

    The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by The Hongkong and Shanghai Banking Corporation Limited relating to a fraudulent website, which has been reported to the HKMA.  A hyperlink to the press release is available on the HKMA website.

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  FinCEN Issues Advisory on the Financing of ISIS

  FinCEN

  April 1, 2025

  WASHINGTON — Today, the U.S. Department of the Treasury’s (Treasury) Financial Crimes Enforcement Network (FinCEN) issued an Advisory to assist financial institutions in identifying and reporting suspicious activity related to the financing of the Islamic State of Iraq and Syria (ISIS). The Advisory highlights how ISIS and its global affiliates fund themselves and receive financial support from sympathizers internationally and describes several typologies ISIS uses to transfer money between its affiliates. The Advisory also provides red flags that may assist financial institutions in identifying related suspicious activity.

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  The Departments of Treasury and Justice Take Action Against Iranian Weapons Procurement Network

  OFAC

  April 1, 2025

  WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), in coordination with the U.S. Department of Justice, is targeting a network of six entities and two individuals based in Iran, the United Arab Emirates (UAE), and the People’s Republic of China (PRC) responsible for the procurement of unmanned aerial vehicle (UAV) components on behalf of Iran-based Qods Aviation Industries (QAI)—a leading manufacturer for Iran’s UAV program.  This network has also facilitated procurement for other entities in Iran's military-industrial complex, to include Iran Aircraft Manufacturing Industrial Company (HESA) and Shahid Bakeri Industrial Group (SBIG).  Today’s action marks the second round of sanctions targeting Iranian weapons proliferators since the President issued National Security Presidential Memorandum 2 on February 4, 2025, ordering a campaign of maximum pressure on Iran.