AML Compliance

European Council President Costa to Visit Baku

The European Council announced that President Costa will visit Baku on March 11 for high-level meetings with Azerbaijani officials. Discussions will focus on energy cooperation and the geopolitical situation in the Middle East, highlighting Azerbaijan's strategic importance to the EU.

António Costa Keynote Speech at Hamburg Matthiae Mahl Event

European Council President António Costa delivered a keynote speech at the Matthiae Mahl event in Hamburg on March 6, 2026. The speech touched upon European history, the role of cities, the EU's commitment to democracy and the rule of law, and the current geopolitical situation, including the conflict in the Middle East.

EU Council Meetings: AI, Poverty, Human Capital, and Geopolitics

The EU Council has released a forward look detailing key topics for meetings between March 9-22, 2026. Discussions will cover AI's impact on jobs, poverty reduction, economic and financial affairs, foreign policy including Ukraine and the Middle East, energy, environmental standards, and the next Multiannual Financial Framework.

Media Advisory: Eurogroup and Econ/Fin Council Meetings March 2026

The Council of the EU has issued a media advisory for upcoming Eurogroup and Economic and Financial Affairs (Ecofin) Council meetings scheduled for March 9-10, 2026. The advisory outlines the indicative programmes for these meetings, which will cover macroeconomic developments, fiscal plans, digital finance, and the economic impact of geopolitical events.

OFAC Removes Russia-Related Entity from SDN List

The US Treasury Department's Office of Foreign Assets Control (OFAC) has removed GLOBE TREKKERS LLC from the Specially Designated Nationals (SDN) List. This action is a designation removal under Executive Order 14024, with a related license issued for the United Arab Emirates.

FINTRAC Interpretation Notices on Proceeds of Crime Law

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has issued interpretation notices to clarify provisions of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. These notices provide technical interpretations and plain language explanations for regulated entities, including accountants.

FINTRAC Policy Interpretations for Proceeds of Crime Act

FINTRAC has updated its policy interpretations database concerning the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Notably, certain policy positions regarding payment processing and merchant servicing activities have been retracted as of April 27, 2022, with affected entities now subject to money services business requirements.

FINTRAC Guidance on Proceeds of Crime Act Obligations

FINTRAC has published updated guidance for reporting entities on their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The guidance covers various sectors and key compliance areas such as client identification and transaction reporting.

FINTRAC Supervisory Framework Guidance

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has released its supervisory framework. This guidance outlines the principles, risk framework, and pillars of supervision FINTRAC uses to ensure businesses comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

FINTRAC Notices and Advisories for Reporting Entities

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has issued numerous notices and advisories to reporting entities. These updates cover a range of obligations, including guidance on bribery and corruption, politically exposed persons, ministerial directives, and beneficial ownership reporting.

ECB Fines J.P. Morgan for Misreporting Capital Requirements

The European Central Bank (ECB) has imposed two penalties totaling €12.18 million on J.P. Morgan SE for misreporting capital requirements between 2019 and 2024. The bank incorrectly calculated risk-weighted assets due to misclassifications and exclusions in credit risk and credit valuation adjustment risk reporting.

ECB Advances Climate and Nature Work

The European Central Bank (ECB) has concluded its 2024-2025 plan for integrating climate and nature-related risks into its core work. The ECB has refined its risk assessments, informed policy decisions, and improved supervision of banks, while also managing its own portfolios and operations.

ECB Fines Crédit Agricole €7.5M for Climate Risk Identification Failures

The European Central Bank (ECB) has imposed periodic penalty payments of €7,551,050 on Crédit Agricole for failing to sufficiently assess its climate-related and environmental risks by the deadline of 31 May 2024. This enforcement action highlights the ECB's commitment to ensuring banks adequately identify and manage climate risks.

ECB Appoints Thomas Broeng Jorgensen Director General Specialised Institutions

The European Central Bank (ECB) has appointed Thomas Broeng Jorgensen as Director General for Specialised Institutions and Less Significant Institutions, effective March 1, 2026. He will oversee the direct supervision of specialised banks and the oversight of less significant banks by national supervisors.

ECB welcomes Frank Elderson's Vice-Chair term extension

The European Central Bank (ECB) announced the extension of Frank Elderson's term as Vice-Chair of the Supervisory Board until December 2028. This decision follows a proposal by the ECB Governing Council and approval from the European Parliament.

EBA Final Report on Reporting Standards for Third-Country Branches

The European Banking Authority (EBA) has published its final report on harmonised reporting standards for third-country branches under CRD VI. The new framework aims to enhance supervisory oversight by introducing uniform reporting formats and definitions, with the first reporting reference date set for March 31, 2027.

EBA Opinion on Commission Amendments to RTS on Equivalent Legal Mechanism

The European Banking Authority (EBA) published an Opinion responding to the European Commission's proposed amendments to draft technical standards on equivalent legal mechanisms for residential property under construction. The EBA disagrees with two key amendments concerning risk weight caps and the mandate for completion guarantees.

EBA Central Validation of ISDA SIMM Begins March 1, 2026

The European Banking Authority (EBA) announced the commencement of its central validation function for the ISDA SIMM on March 1, 2026. This new function, established under EMIR, aims to ensure consistent oversight of initial margin models for non-centrally cleared derivatives across the EU.

EBA Concludes Legacy Instruments Monitoring Work

The European Banking Authority (EBA) has concluded its dedicated monitoring of legacy instruments, which are financial instruments benefiting from grandfathering provisions under CRR1 and CRR2. The EBA will no longer prioritize this specific monitoring, trusting competent authorities to handle remaining cases based on existing guidance.

EBA Final Guidelines on Capital Endowment for Third-Country Branches

The European Banking Authority (EBA) has published final Guidelines specifying eligible instruments for the capital endowment requirement for third-country branches. These guidelines clarify which financial instruments can be used and the operational conditions required to protect local depositors and creditors.

SFO v. AOG Technics Director - Fraudulent Trading

The Serious Fraud Office (SFO) has concluded its substantive case against Jose Alejandro Zamora Yrala, director of AOG Technics Ltd, with his sentencing to 4 years 8 months in prison for fraudulent trading. The company was investigated for supplying suspected unapproved aircraft parts.

Serious Fraud Office v. Safe Hands Plans Limited - Fraud Investigation

The Serious Fraud Office (SFO) has charged two former executives of Safe Hands Plans Limited and its parent company, SHP Capital Holdings Limited, with conspiracy to defraud. The investigation into suspected fraud began in 2022 following the collapse of the pre-paid funeral plan scheme, impacting approximately 46,000 plan holders.

SFO Investigation into London Capital & Finance plc

The Serious Fraud Office (SFO) announced an ongoing investigation into individuals associated with London Capital & Finance plc (LCF), which relates to investments offered to the public between 2013 and 2018. The SFO opened the investigation in 2019 and has made arrests, with the case remaining active.

SFO Investigates Northern Powerhouse and MBi Group for Fraud and Money Laundering

The Serious Fraud Office (SFO) announced an investigation into suspected fraud and money laundering by the Northern Powerhouse Development Group and MBi Group. The investigation, which began in August 2021, focuses on investments offered in care homes and hotels between 2013 and 2019.

Juan Dario Lopez License Revocation by DFI

The Washington State Department of Financial Institutions (DFI) has issued a Consent Order revoking the check casher license of Juan Dario Lopez (NMLS #1463739). The revocation is stayed for two years, contingent on compliance with the terms of the order.

Noble Escrow Services LLC - Temporary Cease and Desist Order

The Washington State Department of Financial Institutions issued a temporary cease and desist order against Noble Escrow Services LLC on March 2, 2026. The order requires the company to immediately deposit funds to cover a deficit in its trust account, cease accepting new business, and continue processing existing transactions without harming customers.

OFAC Issues Russia Oil License and Amends Venezuela Oil FAQ

The US Department of the Treasury's OFAC has issued Russia-related General License 133, authorizing the delivery and sale of Russian crude oil loaded on vessels as of March 5, 2026, to India. OFAC also amended a Venezuela-related FAQ concerning the resale of Venezuelan oil to Cuba.

OFAC Venezuela Removals and Russia General License Update

The Office of Foreign Assets Control (OFAC) has removed certain entities and vessels from the Specially Designated Nationals (SDN) List related to Venezuela. Additionally, OFAC issued an amended Russia-related General License 129A, authorizing certain transactions involving Rosneft Deutschland GmbH and RN Refining & Marketing GmbH.

EU Oil Price Cap FAQs on Russia/Belarus Sanctions

The European Commission has published Frequently Asked Questions (FAQs) regarding the oil price cap on Russian and Belarusian crude oil and petroleum products. These FAQs aim to clarify compliance requirements and address potential circumvention risks associated with the sanctions regime.

EU Farmers' Negotiating Position in Food Supply Chain Strengthened

The EU Council and Parliament have reached a provisional agreement to amend regulations governing agricultural products and the common agricultural policy. This aims to strengthen farmers' negotiating position in the food supply chain through measures like mandatory written contracts and enhanced producer organizations.

EU-GCC Joint Statement on Iran's Attacks Against GCC States

The EU and GCC foreign ministers issued a joint statement condemning Iran's attacks against GCC states and reaffirming their strategic partnership. The statement calls for Iran to cease attacks, reiterates commitments to regional stability, and affirms the GCC's right to self-defense.

Press Briefing for Economic and Financial Affairs Council

The Council of the EU has issued a media advisory for a press briefing preceding the Economic and Financial Affairs Council meeting on March 10, 2026. The briefing will be held on March 9, 2026, and is open to EU accredited journalists.

EU Statement on Third Countries Aligning with Russia Sanctions

The EU has announced that eight third countries (Albania, Bosnia and Herzegovina, Iceland, Liechtenstein, Moldova, Montenegro, North Macedonia, Norway, and Ukraine) have aligned with the EU's restrictive measures concerning Russia. This alignment ensures their national policies conform to the EU's Council Decision (CFSP) 2026/432, which added eight natural persons to the sanctions list.

EU Law to Protect Vulnerable Adults in Cross-Border Situations

The Council of the EU has agreed on a new law to protect the rights of vulnerable adults in cross-border situations within the EU. This regulation aims to ensure that adults who require support due to conditions like Alzheimer's have their autonomy and choices respected when moving between member states.

Bank of Scotland Fined for Russia Sanctions Breaches

The Office of Financial Sanctions Implementation (OFSI) has imposed a £160,000 penalty on Bank of Scotland for breaches of the Russia (Sanctions) (EU Exit) Regulations 2019. The breaches involved processing 24 payments totalling £77,383.39 to or from a designated individual's account.

OFSI Fines Svarog Shipping £5,000 for Sanctions Non-Compliance

The Office of Financial Sanctions Implementation (OFSI) has imposed a £5,000 monetary penalty on Svarog Shipping & Trading Company Limited for failing to respond to a regulatory request within the required timeframe. This action stems from a breach of the Russia (Sanctions) (EU Exit) Regulations 2019.

OFSI Report on Vanquis Bank Limited Financial Sanctions Breach

The Office of Financial Sanctions Implementation (OFSI) issued a report against Vanquis Bank Limited (VBL) for breaching financial sanctions regulations. VBL failed to restrict access to a designated person's account for eight days, allowing fund withdrawal and transactions. OFSI deemed the breach moderately severe but not serious enough for a monetary penalty, opting for public disclosure.

OFSI Imposes £300,000 Penalty on Markom Management Limited

The UK's Office of Financial Sanctions Implementation (OFSI) has imposed a £300,000 penalty on Markom Management Limited (MML) for breaching financial sanctions legislation related to the Ukraine Regulations. The penalty stems from a payment made to a designated person in February 2018.

Myanmar Humanitarian Activity General Licence

The UK has issued a General Licence (INT/2025/8257372) under the Myanmar (Sanctions) Regulations 2021 and the Global Human Rights Regulations 2020. This licence exempts certain 'Relevant Persons' from prohibitions when carrying out activities necessary for humanitarian assistance and supporting basic human needs in Myanmar.

Maritime Mutual Re-Insurance Wind Down General Licence

The UK Treasury has issued a General Licence allowing UK Insurers and Insurance Brokers to process funds related to Maritime Mutual Re-Insurance wind-down activities. This licence is granted under the Russia (Sanctions) (EU Exit) Regulations 2019 and permits transactions for contracts agreed prior to February 24, 2026.

UK General Licence for Lukoil International Business Continuation

The UK Treasury has issued a general licence allowing certain business operations involving Lukoil International and its subsidiaries to continue, despite existing sanctions. This licence is effective from November 27, 2025, and expires on February 26, 2026.

PJSC Transneft Wind Down General Licence

HM Treasury has issued a General Licence for the wind-down of transactions involving PJSC Transneft, effective February 24, 2026, and expiring April 9, 2026. This licence exempts certain acts from Russia sanctions prohibitions to facilitate divestment and transaction closure.

Lukoil Bulgaria Entities General Licence Continuation of Business

HM Treasury has amended the General Licence concerning the continuation of business for Lukoil Bulgaria entities. This amendment extends the licence, allowing specified business operations to continue under certain conditions until February 13, 2026.

OFSI General Licence for Lukoil Business Continuation

The Office of Financial Sanctions Implementation (OFSI) has issued General Licence INT/2025/8031092, allowing for the continuation of business operations with Lukoil International Entities under the Russia (Sanctions) (EU Exit) Regulations 2019. This licence was initially published on November 27, 2025, and updated on February 25, 2026.

OFSI General Licences Update

The Office of Financial Sanctions Implementation (OFSI) has updated its collection of General Licences. The latest updates, issued in February 2026, include licences related to the wind-down of Russian entities like Maritime Mutual Re-Insurance and PJSC Transneft, as well as humanitarian activities in Myanmar and continuation of business for Lukoil and Rosneft subsidiaries.

UK Financial Sanctions FAQs

The UK's Office of Financial Sanctions Implementation (OFSI) has updated its Financial Sanctions FAQs. These updates provide technical guidance and information on various sanctions regimes, including specific country measures and licensing. The latest updates include amendments and additions to existing FAQs, with the most recent changes noted on February 25, 2026.

Russia Sanctions: Persons Subject to Financial Restrictions

The UK's Foreign, Commonwealth & Development Office and Office of Financial Sanctions Implementation have updated guidance on persons subject to financial and investment restrictions under the Russia sanctions regime. The guidance lists entities like GAZPROM NEFT, PJSC SBERBANK, and VTB BANK, detailing restrictions on transferable securities and loans.

OFSI General Licence for PJSC Transneft Wind Down

The Office of Financial Sanctions Implementation (OFSI) has issued General Licence INT/2026/8889196, allowing persons to wind down transactions involving PJSC Transneft. This guidance is issued under The Russia (Sanctions) (EU Exit) Regulations 2019.

UK Sanctions List Consolidation and OFSI List Closure

The UK's Office of Financial Sanctions Implementation (OFSI) Consolidated List of Asset Freeze Targets closed on January 28, 2026. All UK sanctions designations are now consolidated under the UK Sanctions List. This change aims to streamline sanctions information for regulated entities.

UK Sanctions Enforcement Action Case Studies and Lessons

The UK government has published a collection of case studies and lessons learned from sanctions enforcement actions taken by various bodies, including OFSI, NCA, OTSI, and HMRC. This resource aims to inform industry stakeholders about compliance requirements and potential penalties under UK sanctions regulations.