Essentials
Articles
Piecing Together the Jigsaw of Sanctions Programs
By Amir Fadavi
December 11, 2021
With the proliferation of sanctions, many companies are increasing their efforts to examine all the restrictions. In some cases, the complexity results in companies leaving a jurisdiction or following all sanctions applicable to them globally across their operations even though it is not required. Such zealous compliance fails to account for increased counter-sanctions measures and presents further problems. (more…)
Do’s and Don’ts of Sanctions Investigations
By Daniel Martin and Anne-Marie Ottaway
November 27, 2021
Allegations of sanctions violations can come from many sources, including regulators, banks and other counterparties, press articles, pressure groups and whistleblowers. Any allegation needs to be taken seriously, given the potential for significant fines, severe reputational damage and other commercial repercussions. (more…)
Banking on Sanctions: 12 Compliance Tips on How to Improve Relations with your Financial Institution
March 9, 2021
By: Amir Fadavi Ardekani, Sanctions Specialist, BNP Paribas*
It has been a couple of years since banks around the world started acting more cautiously when it comes to economic sanctions. Words and phrases like de-risking, reputational damage, restrictive policies, and over-compliance are repeated more frequently by those working for compliance departments within financial institutions. (more…)
How to Foster a Robust Culture of Compliance in Today’s Uneasy Financial Climate
October 13, 2020
By: Deepa Keswani, Director of Compliance Advisory, The Mizen Group*
How does one foster a culture of compliance? It helps to start by looking back at the turn of the century, following 9/11, when compliance became a critical function due to the urgent emphasis placed on it by the regulators. Banks were pressured to improve compliance processes and up their game in terms of knowing their customers, transaction monitoring, and sanctions screening. Enforcement actions, which had already been a stick they used, became the primary means with which regulators drove their point home. (more…)
Steady Increase in OFAC Enforcement; A Shift Towards Unilateral Sanctions; A New Focus on International Trade; and much more, according to Accuity.
The global sanctions landscape is in a constant state of flux. From the U.S.’ stern outlook on Iran to the E.U.’s ever-tightening sanctions on Russia, our current global climate is ripe for sanctions shifts and new enforcement actions. In fact, 2019 saw the biggest uptick in OFAC cases since 2014, and the number of individual U.S. sanctions cases last year has tripled since the previous year. (more…)
ACSS Achievements 2019 – Launch of CSS Certification; 3rd Annual NY Conference; First-ever Publication on Sanctions Technology Best Practices – and What is on the Horizon in 2020
Since its launch in October 2018, the Association of Certified Sanctions Specialists (ACSS) has grown by leaps and bounds. From adding new member benefits to the maiden voyage of our very first Certification Exam, the ACSS has been hard at work finding new ways to grow and enhance the sanctions community worldwide. (more…)
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