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A closer look at global sanctions: Guide to an effective sanctions program

Global sanctions are an essential tool that governments use to address international security threats, combat terrorism, prevent money laundering, and curb illicit activities. These sanctions typically involve restrictions or prohibitions on specific individuals, entities, or countries, limiting their access to international financial systems. Considering the current economic and political environment, it is crucial that financial institutions maintain a strong sanctions compliance program (SCP).

The release of the FinCEN Files in 2020 detailed the extraordinary amount of illicit funds flowing through our financial institutions from kleptocrats, international money launderers, and terrorists. Greater regulatory scrutiny has been placed on transactions to and from sanctioned countries, individuals, and entities, and it is expected to continue as a hot topic for examiners, especially as the situation with Russia escalates. In 2019, OFAC issued new guidance on the essential components of a strong OFAC compliance program. Now more than ever, the guidance is an important tool in creating an effective SCP.

Download this whitepaper to learn:

  • How to incorporate OFAC guidance into your SCP.
  • Common root causes of non-compliant SCPs and how to avoid them
  • Five components of an effective sanctions program

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