THINGS YOU MAY HAVE MISSED – NOVEMBER 26

As before, the apology for any oversights, duplications etc etc…at least I saw flying fish today!

26 November 2022

CENTRAL BANK OF NIGERIA (CBN) NEW GUIDELINES FOR THE LICENSING OF BANKS AND OTHER FINANCIAL INSTITUTIONS ON IMPLEMENTATION AML/CFT/ CPF REGULATIONS

On 26 November, the New Telegraph and others reported on what the new guidelines are for and what they cover.

https://www.newtelegraphng.com/cbn-releases-anti-money-laundering-guidelines-for-licensing-of-banks-others/

US: SOUTH KOREA’S SHINHAN FINANCIAL ORDERED TO IMPROVE AML OVERSIGHT

 On 25 November, the Wall Street Journal reported that the financial group has agreed to bolster the oversight of its AML program as part of a settlement with the Federal Deposit Insurance Corp (FDIC).  The FDIC in 2021 found deficiencies and weaknesses, according to an FDIC order issued in October.

https://www.wsj.com/articles/shinhan-financials-u-s-unit-ordered-to-beef-up-money-laundering-oversight-11669417664

US: CISA, NSA, AND ODNI RELEASE GUIDANCE FOR CUSTOMERS ON SECURING THE SOFTWARE SUPPLY CHAIN

On 18 November, Homeland Security Today reported that the 3 agencies had published the third of a 3-part series on securing the software supply chain.  It and the accompanying factsheet provides recommended practices for software customers to ensure the integrity and security of software during the procuring and deployment phases.  The previous Parts were for developers and customers.

https://www.cisa.gov/uscert/ncas/current-activity/2022/11/17/cisa-nsa-and-odni-release-guidance-customers-securing-software

https://www.linkedin.com/posts/pietro-odorisio-30ab009a_criminals-launder-illegaactivities-activity-7002290060003835904-8pWr

https://twitter.com/conflictarm

DISSECTING IRANIAN DRONES EMPLOYED BY RUSSIA IN UKRAINE

Conflict Arms Research has issued a report saying that its investigators physically documented a number of UAV in Ukraine in November 2022 and are conducting a detailed dissection of their design characteristics and key components, comparing them with CAR’s previous documentations of similar technology used in conflicts in the Middle East.  It confirms that the UAV originate in Iran, and that they include many recently manufactured components produced by companies mostly based in the US, which raises important questions regarding the effectiveness of existing sanction regimes.

https://storymaps.arcgis.com/stories/7a394153c87947d8a602c3927609f572

EMERGING MISSILE TRENDS TO WATCH OUT FOR – ANALYSIS

On 26 November, Eurasia Review provided this analysis, saying that traditionally, much of the focus on missiles has been on those capable of delivery of WMD.  But new missile trends are emerging. Modern missiles have registered huge advances in speed, range, navigation, use of advanced materials, and endurance. Earlier, when accuracy was not easy to achieve, missiles were seen to have a strategic effect only when carrying a nuclear warhead.  Not anymore. 

https://www.eurasiareview.com/26112022-emerging-missile-trends-to-watch-out-for-analysis/

INTEGRITY AND COMPLIANCE TASKFORCE REPORT CONTAINING SEVERAL POLICY RECOMMENDATIONS ON INTEGRITY AND COMPLIANCE

On 22 November, the Global Coalition to Fight Financial Crime published this report which provides several recommendations such as promoting sustainable governance while supporting ESG initiatives by optimising sustainable governance compliance disclosures and monitoring.  Other main recommendation areas are fostering Collective Action to be better protected against integrity risks, fostering agility in counteract measures to combat money laundering and strengthening governance to mitigate cybercrime risks.  It says that these recommendations should aide business in notably supporting the UN targets in achieving the Sustainable Development Goals (SDG) and contributing to the achievement of the 3 priorities of the Indonesian G20 Presidency, namely global health architecture, digital transformation, and sustainable energy transition.

https://www.gcffc.org/wp-content/uploads/2022/11/Integrity-and-Compliance-Taskforce-Paper.pdf

OFAC: VENEZUELA-RELATED GENERAL LICENSES AND FAQ

On 26 November, OFAC advised the issue of 2 General Licenses and 2 related FAQ.  The General Licenses are for authorising certain transactions related to Chevron Corporation’s joint ventures in Venezuela and authorising transactions involving Petróleos de Venezuela, SA (PdVSA) necessary for the limited maintenance of essential operations in Venezuela or the wind down of operations in Venezuela for certain entities.

https://home.treasury.gov/system/files/126/venezuela_gl41.pdf

https://home.treasury.gov/system/files/126/venezuela_gl8k.pdf

https://home.treasury.gov/policy-issues/financial-sanctions/faqs/added/2022-11-26

US: CISA, NSA, AND ODNI RELEASE GUIDANCE FOR CUSTOMERS ON SECURING THE SOFTWARE SUPPLY CHAIN

On 18 November, Homeland Security Today reported that the 3 agencies had published the third of a 3-part series on securing the software supply chain.  It and the accompanying factsheet provides recommended practices for software customers to ensure the integrity and security of software during the procuring and deployment phases.  The previous Parts were for developers and customers.

https://www.cisa.gov/uscert/ncas/current-activity/2022/11/17/cisa-nsa-and-odni-release-guidance-customers-securing-software

https://www.linkedin.com/posts/pietro-odorisio-30ab009a_criminals-launder-illegaactivities-activity-7002290060003835904-8pWr

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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