Financial sanctions regulations are complex, varied, and in flux. Harsh prison penalties up to 20-year prison terms and civil money penalties in the billions can be imposed.
The sanctions compliance program of a financial institution or other business should also assure its procedures include current information on sanctions developments worldwide, including
- Sanctions against Russia/Ukraine, Venezuela and Cuba
- Cyber-related sanctions
- How to apply the 50% rule
- Compliance for internet and web-based activities
Close monitoring of transactions to assure they do not involve a sanctioned entity, coupled with effective internal reporting and training, are essential elements of a good sanctions compliance program.
Take this fast-faced interactive 1-hour training, to get the low down on the latest updates, and learn the eight elements of what a good sanctions program should entail, and how to protect your institution.