TechFlow news — On October 9, according to Bloomberg, OCBC Bank, Singapore's second-largest lender, will fully cease processing transactions involving Russia to reduce risks associated with global sanctions. The measure will take effect on November 1, 2024, according to people familiar with the matter.
In recent weeks, OCBC has informed all client groups, including private banking clients, that it will implement these restrictions due to operational challenges in managing regulatory compliance. The decision applies across all of OCBC’s business units, including its private banking division.
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