The EU's General Court Annuls Sanctions Imposed on Russian Businessmen Petr Aven and Mikhail Fridman for the Period of February 2022 and March 2023

EU's General Court has annulled sanctions imposed on two Russian businessmen Mikhail Fridman and Petr Aven, major shareholders of Alfa Group, for the period of February 2022 and March 2023.

Pivotal Judgment by the UK High Court on Redemption Rights

The UK High Court ruled that a company controlled by a sanctioned person has no right to funds redemption.

New U.S. Advisory Note on Sanctions and Export Controls Compliance of Foreign-Based Persons

The U.S. DoJ BIS, and OFAC issued a Tri-Seal Compliance Note focusing on the obligations of foreign-based individuals and entities to adhere to U.S. sanctions and export control laws.

FCA’s latest Letter to the CEO on AML standards and expectations is out

The document outlines the Financial Conduct Authority's (FCA) concerns and directives regarding common failings in anti-money laundering frameworks among UK financial institutions

Polixis Strengthens Commitment to Swiss Wealth and Portfolio Managers with Innovative Compliance Solutions

Polixis is proud to announce its strategic partnership with the Swiss Cooperative for Wealth Managers (SCWM).

New U.S. Guidance on Business Risks Associated with Russia

On February 23, 2024, the U.S. Departments of State, Treasury, Commerce, and Labor issued a business advisory for dealings with Russia and its occupied territories.

Media Monitoring and Rights of Customers: Uzbekov vs Revolut Judgment: Lessons for KYC and Media Monitoring Programs

A landmark decision by UK’s High Court provides interesting lessons on Financial Institution’s freedom to close bank accounts based on mere suspicion vs contractual obligations vis-à-vis the client.

Russian Sanctions, Beneficial Ownership & Control: Implications of a Key Decision by Australia's Federal Court

In the pivotal case of Rusal (involving Deripaska & Vekselberg) versus Rio Tinto, Australia’s Court’s reasoning contributes to interpretive standards

A new Challenge for Russia Specialized AML and Sanctions Evasion Checks. The Impact of Presidential Decree N 73 on Compliance and Due Diligence in Russia.

The trend since 2014 of reducing key corporate information disclosure in Russia now received yet another major text authorizing key Russian companies, known as Economically Significant Organisations,

UK HM Treasury's Guidance on Enhanced Due Diligence on Clients from High-Risk Jurisdictions

The advisory notice published by the HM Treasury this Monday sets out changes to the definition of High-Risk Third Countries (HRTC) in the Money Laundering Regulations.

OFAC 2023 Sanctions Fines. Any Lesson to be Learned for Your Organization?

17 Companies, from Finance to Tobacco got a total of USD 1.54 billion worth of fines in 2023, including the tech giant Microsoft.

Russia Risk: OFAC Requires Foreign Financial Institutions to Upgrade Their Compliance Resources: Is Your Institution Ready?

OFAC clearly states its expectations for Foreign Financial Institutions to enhance their response to Russia Risk