Kyrgyzstan Shuts 50 Companies In New Crackdown On Russia-Related Sanctions Evasion
The Kyrgyz Justice Ministry has suspended the legal registrations of 50 companies suspected of helping Russia bypass Western sanctions related to the war in Ukraine. The suspensions were initiated after the United States and the United Kingdom flagged 51 suspicious entities. Additionally, the EU’s recent 20th sanctions package officially designated Kyrgyzstan a “country of concern” […]
Deutsche Bank fined for Russia sanctions breaches linked to streaming platform payments
The Penalty: The UK’s sanctions watchdog (OFSI) fined Deutsche Bank’s London branch £165,000 for a “serious” breach of Russian sanctions. The penalty was reduced by 45% (down from £300,000) because the bank voluntarily disclosed the error and cooperated with regulators. The Violation: In June and July 2022, the bank processed two payments totaling more than […]
ACPR sanctions Société Générale over Insurance intermediation practices
ACPR has reprimanded Société Générale and imposed a fine of 20 million EUR (23.2 million USD) over shortcomings in its insurance intermediation activities. The French regulator, ACPR, has issued a formal reprimand and a €20 million ($23.2 million) fine against Société Générale. The reason is an inspection (2023-2024) revealed major flaws in the bank’s insurance […]