Sanctions news and trends

US Sanctions Chinese Government Contractor Employing Flax Typhoon Hackers

January 03, 2025
U.S. Department of State
Russian Companies Reportedly Using Crypto for International Payments
Cryptocurrency // December 26, 2024

Russian businesses are reportedly using bitcoin and other cryptocurrencies to make international payments. It’s a trend that comes in the wake of legislative changes that permitted these types of payments to get around western sanctions, Reuters reported Tuesday (Dec. 26), citing comments from Russian Finance...

OFAC Sanctions Parties Involved in Compromise of 81,000 Firewalls
Cybersecurity // December 10, 2024

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned a China-based cybersecurity company and one of its employees, saying they played a role in an April 2020 compromise of about 81,000 firewalls owned by thousands of businesses worldwide. The sanctioned parties...

Lawmakers Question US Banking Relationship With Hong Kong
Bank Regulation // November 25, 2024

Two U.S. lawmakers reportedly want the country to rethink its banking relationship with Hong Kong. Rep. John Moolenaar, R-Michigan, and Rep. Raja Krishnamoorthi, D-Illinois, sent a letter to Treasury Secretary Janet Yellen asking how the department plans to combat money laundering and sanctions evasion conducted through Hong Kong’s financial...

Russia Calls on BRICS Countries to ‘Ring Fence’ New Cross-Border Payments Network
Cross-border Payments // October 11, 2024

Russia reportedly aims to create a new system for cross-border payments between BRICS countries. A report that includes this plan was published ahead of an annual BRICS summit that will be held Oct. 22-24, Bloomberg reported Friday (Oct. 11). BRICS includes as members Brazil, Russia,...

Interviews & Exclusives
Auto Verification of Bank Account Owners Is Key to Sanctions Compliance

May 27, 2022
Sanctions have been dominating headlines. Nithai Barzam, COO of nsKnox, a corporate payment security company, told PYMNTS’ Karen Webster that beyond the sanctions that have been designed to rock Russia to its economic foundations lie some fundamental hard truths for enterprises around the globe. Namely, that it’s hard to find out who’s on sanctions lists, […]

Quick Reads
US Sanctions Chinese Government Contractor Employing Flax Typhoon Hackers

January 03, 2025
The United States imposed sanctions on Beijing-based cybersecurity company Integrity Technology Group, which is a People’s Republic of China (PRC) government contractor, saying the company was involved in malicious botnet operations targeting U.S. victims. PRC-based hackers known as Flax Typhoon were working for Integrity Tech when they targeted critical infrastructure in the U.S. and overseas, […]

Russian Companies Reportedly Using Crypto for International Payments

December 26, 2024
Russian businesses are reportedly using bitcoin and other cryptocurrencies to make international payments. It’s a trend that comes in the wake of legislative changes that permitted these types of payments...

OFAC Sanctions Parties Involved in Compromise of 81,000 Firewalls

December 10, 2024
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned a China-based cybersecurity company and one of its employees, saying they played a role in an April...

Lawmakers Question US Banking Relationship With Hong Kong

November 25, 2024
Two U.S. lawmakers reportedly want the country to rethink its banking relationship with Hong Kong. Rep. John Moolenaar, R-Michigan, and Rep. Raja Krishnamoorthi, D-Illinois, sent a letter to Treasury Secretary Janet Yellen asking how...