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Regulatory Watch News

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  Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Key Holding, LLC

  OFAC

  July 2, 2025

  The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a $608,825 settlement with Key Holding, LLC. Key Holding agreed to settle its potential civil liability for 36 apparent violations of OFAC sanctions on Cuba that arose from the conduct of a Key Holding subsidiary in Colombia that managed the logistics for freight shipments to Cuba. The settlement amount reflects OFAC's determination that the apparent violations were non-egregious and voluntarily self-disclosed.

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  FATF publishes new Guidance on Financial Inclusion and Anti-Money Laundering and Terrorist Financing Measures

  FATF

  July 2, 2025

  The FATF has updated its Guidance on Financial Inclusion and Anti-Money Laundering and Terrorist Financing Measures to support countries and the private sector in bringing more people into the formal financial sector through proportionate, risk-based approaches to tackling illicit finance. The Guidance follows the strengthening of Recommendation 1 of the FATF Standards earlier this year to reinforce the expectation that Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) controls must be implemented through a proportionate and risk-based approach, and to encourage countries to promote financial inclusion.

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  CBUAE imposes a financial sanction of 5.9 million on a branch of foreign bank operating in the UAE

  CBUAE

  July 2, 2025

  Abu Dhabi (2 July 2025): The Central Bank of the UAE (CBUAE) imposed a financial sanction of 5,900,000 on foreign bank branch operating in the UAE, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments. The financial sanction is based on a CBUAE examination, which revealed the Bank’s failures to comply with its Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations.