New ZealandThe Swiss Federal Council announced that the National Cybersecurity Centre of the Federal Department of Finance will become a federal office.
The New York State Department of Financial Services shared a proposed regulation to establish additional licensing procedures for virtual currency businesses.
Sanctions Against Russia Expose Transaction Screening Problems in France
Nearly 10 months after Western nations began imposing unprecedented commercial and banking sanctions on Russia for invading Ukraine, French regulators on Monday identified several challenges financial institutions have encountered in implementing the measures.
Opponent who led court challenge against public beneficial ownership owned offshore legal entities, Emirati authorities resist U.S. attempt to seize Russian yacht, and more, in the weekly roundup.
AML Penalties, Human Trafficking Reports Spike in Canada
The Office of the Attorney General of Switzerland issued a CHF 4 million penalty against the Swiss company for failing to take necessary and reasonable organizational actions in order to prevent bribery payments to foreign officials in South Africa.
The U.S. Securities and Exchange Commission ordered the Zurich, Switzerland-based electrification and automation technology company to pay a $75 million civil monetary penalty, $58 million in disgorgement, and prejudgement interest of $14,554,267 for violating the Foreign Corrupt Practices Act.
| Technical | Effectiveness |
|---|---|
| Compliant : 8 | High : 2 |
| Largely Compliant : 21 | Substantial : 4 |
| Partially Compliant : 11 | Moderate : 5 |
| Non-Compliant : 0 | Low : 0 |
New Zealand's technical compliance was re-rated in a May 31, 2022 follow-up report
| Rank : 10/110 |
| Score : 3.53/10 |
| Rank : 1/179 |
| Score : 88/100 |
| Rank : 57/133 |
| Score : 59/100 |