APC Compliance and Regulatory Services

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning five Mexican individuals associated with the Gulf Cartel, one of Mexico’s most dangerous criminal organizations. Those designated are tied to the Gulf Cartel’s involvement in criminal activities associated with illegal, unreported, and unregulated (IUU) fishing, human smuggling, and narcotics trafficking in the Gulf of Mexico. IUU fishing often involves criminal activity, forced labor, and human rights abuses, and is often a revenue stream for criminal organizations. IUU fishing is also a threat to U.S. maritime security, as criminal organizations may use the same vessels for smuggling narcotics and humans across borders.   The sanctions are the result of strong collaboration with the U.S. Coast Guard, Homeland Security Investigations, and the Drug Enforcement Administration. This action was also coordinated closely with La Unidad de Inteligencia Financiera (UIF), Mexico’s Financial Intelligence Unit.   📩 Please contact us at info@apccompliance.net., if you wish to learn more about the latest Sanctions news. 

The Council decided on the 18th of November 2024 to widen the scope of the EU framework for restrictive measures in view of Iran’s military support to Russia’s war of aggression against Ukraine and to armed groups and entities in the Middle East and the Red Sea region. This additional measure is targeted to the use of vessels and ports for the transfer of Iranian-made Unmanned Aerial Vehicles (UAVs), missiles and related technologies and components. The decision introduced: • a prohibition on the export, transfer, supply, or sale from the EU to Iran of components used in the development and production of missiles and UAVs. • a transaction ban prohibiting any transaction with ports and locks that are owned, operated or controlled by listed individuals and entities, or are used for the transfer of Iranian UAVs or missiles or related technology and components to Russia. This excludes vessels in need of assistance for reasons of maritime safety, for humanitarian purposes, or in relation to events likely to have a serious impact on human health and safety or the environment. Furthermore, the Council adopted restrictive measures against one individual and four entities following Iran’s missile and drone transfers to Russia in support of its war of aggression against Ukraine. 📩Please contact us at info@apccompliance.net., if you wish to learn more about the latest Sanctions news.

APC Compliance Ltd, has extensive practical experience and assists organizations in implementing and obtaining ISO 37001 certification for anti-bribery and corruption management in relation to the circular issued by the Ministry of Justice. We would like to inform you about the funding opportunity offered and the deadline for submitting applications for participation which ends on November 30, 2024. APC Compliance Ltd, can assist you in the comprehensive implementation and certification process, ensuring that any challenges are addressed and all requirements of the standard are met. 📩If you have, any questions about the Certification of the ISO 37001 Standard, please do not hesitate to contact us at info@apccompliance.net.

The Financial Action Task Force (FATF) is considering revisions to the FATF Recommendations in order to better align them with measures to promote financial inclusion. This is part of FATF’s programme of work to address the unintended consequences of AML/CFT measures. FATF is inviting views and comments on the proposed changes from interested stakeholders.   The revisions focus on Recommendation 1 and its Interpretive Note, with corresponding changes to Recommendations 10 and 15 and related Glossary definitions.   The FATF would particularly welcome views on the following issues: FATF is considering the replacement of the term “commensurate” with “proportionate” in Recommendation 1. FATF is considering amendments to require supervisors to “review and take into account the risk mitigation measures undertaken by financial institutions/DNFBPs”. On adoption of simplified measures in lower risk situations, FATF proposes to replace “countries may decide to allow simplified measures” with “countries should allow and encourage simplified measures”. On “non-face-to-face customer-identification and transactions” as an example of potentially higher-risk situations, addition of qualification (“unless appropriate risk mitigation measures have been implemented”).   For more details: https://lnkd.in/dqrzWDjW.   📩 Please contact us at info@apccompliance.net., if you wish to learn more about the latest AML news. 

On October 30, 2024, the Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related General License 8K, "Authorizing Transactions Related to Energy," Russia-related General License 25G, "Authorizing Transactions Related to Telecommunications and Certain Internet-Based Communications," Russia-related General License 110, "Authorizing the Wind Down of Transactions Involving Certain Entities Blocked on October 30, 2024," Russia-related General License 111, "Authorizing Certain Transactions Related to Debt or Equity of, or Derivative Contracts Involving, Certain Entities Blocked on October 30, 2024," and Russia-related General License 112, "Authorizing Civil Aviation Safety and Wind Down Transactions Involving Shaurya Aeronautics Private Limited." Additionally, OFAC has issued one new and two amended, Russia-related Frequently Asked Questions (FAQ 976, FAQ 1040, and FAQ 1198). 📩Please contact us at info@apccompliance.net., if you wish to learn more about the latest Sanctions news.

On September 19, 2024, the Cyprus Securities and Exchange Commission (CySEC) published the unofficial consolidation Directive R.A.D 282/2024, which amends the CySEC Directive for the Prevention and Combating of Money Laundering and Terrorist Financing 2019 (Directive R.A.D. 157/2019). These changes are aimed at enhancing the framework for preventing money laundering and terrorism financing in the Republic of Cyprus. Some of the amendments include updated requirements for client documentation, including proof of address, and the use of certified true copies of identification documents for clients outside Cyprus. The updates also ensure alignment with client due diligence requirements with respect to economic sanctions imposed by the United Nations and the European Union. In addition, the Directive includes an updated internal suspicion report template, which must be filled in by employees of obliged entities reporting suspicious activities/transactions to their AML compliance officers. 📩Please contact us at info@apccompliance.net., if you have any questions or need clarification regarding the amendments made with R.A.D 282/2024.

The Council has prolonged the application of the EU restrictive measures (sanctions) against the proliferation and use of chemical weapons imposed on 25 persons and 3 entities for an additional year, until 16 October 2025. Those designated are subject to an asset freeze and EU persons and entities are forbidden from making funds, financial assets or economic resources available to them. In addition, a travel ban to the EU applies to the natural persons listed. The sanctions regime aims to contribute to the EU’s efforts to counter the proliferation and use of chemical weapons, as well as to support the implementation of the Convention on the Prohibition of the Development, Production, Stockpiling and Use of Chemical Weapons and on their Destruction (CWC). For more details: https://lnkd.in/dvZCrhVp. 📩 Please contact us at info@apccompliance.net., if you wish to learn more about the latest Sanctions news.

The Cyprus Securities and Exchange Commission (CySEC) issued Circulars C660 and C661 to inform Administrative Service Providers (ASP) and Cyprus Investment Firms (CIF), respectively on the submission of the QST Form for the third quarter of 2024. The Form must be successfully submitted electronically via the CySEC's Transaction Reporting System ('TRS') by October 31, 2024, the latest for ASPs entities and by November 4,2024 the latest for CIFs entities. 📩Further details on the completion of the online questionnaire or more regulatory reporting obligations that CIFs and ASPs regulated entities must meet in 2024, do not hesitate to contact us at info@apccompliance.net.

APC Compliance Ltd, has extensive practical experience in helping individuals and businesses in navigating the complexities of Sanctions and Restrictive Measures matters, covering, inter alia, the following areas: - Providing legal opinions on any relevant matter; - Providing support for any question; - Providing support in handling cases related to Sanctions packages; - Preparation of Sanctions Compliance Manual/Policy; - Any other matter relating to compliance under legislation covering Sanctions and Restrictive Measures. 📩If you have any questions about sanctions or restrictive measures and the obligations of companies, do not hesitate to contact us at info@apccompliance.net.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Russia-related General License 109, "Authorizing the Wind Down of Transactions Involving Certain Entities Blocked on September 13, 2024" and Russia-related General License 25F, "Authorizing Transactions Related to Telecommunications and Certain Internet-Based Communications." OFAC also published an updated, Russia-related Frequently Asked Question (FAQ 1040). Additionally, OFAC published a rule on Updating Provisions Related to Blocking and Other Actions Related to Specific Property or Interests in Property. For more detail: https://lnkd.in/dsYU_A9v 📩Please contact us at info@apccompliance.net., if you wish to learn more about the latest Sanctions news.