Compliance with an ever expanding network of economic sanctions and financing restrictions is a challenge for any financial institution. The financial sector plays a vital role in underpinning global trade and facilitating international investment activity. Efforts to counter terrorism, prevent illegal trade, resolve regional conflict and respond to international crises increasingly focus on economic measures.
Against this backdrop, financial institutions are tasked with implementing a wide range of complex economic sanctions measures and financing restrictions.
The criminal, financial and reputational consequences of any failure to comply with sanctions requirements and the additional risks associated with indirect violations triggered by the actions of third parties have been all too apparent in recent years.