The US Office of Foreign Assets Control (OFAC) sanctions list has been updated with a number of cryptocurrency addresses (“wallets”) and a cryptoexchange, only the second time where a virtual asset service provider has been sanctioned in its entirety.  The action taken by the US relates to illicit funds linked to ransomware payments, money laundering and US election interference.  FIs must regularly review and update sanctions lists, and ensure they are not facilitating fiat currency payments to or from these sanctioned entities.  Plenitude is assisting a number of firms to understand their financial crime obligations and how to design and implement a control framework to manage risks associated with virtual assets.

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