Exploring the Effects of OFAC’s Russia Sanctions

Since Russia’s invasion of Ukraine in February 2022, the Office of Foreign Asset Control (OFAC) has added over 2,000 Russian entities and individuals to its Specially Designated Nationals list.

Consequently, financial institutions face unprecedented pressure to respond appropriately and ensure their KYC/ID verification procedures are efficient and effective.

Agenda

Join us for a vibrant discussion on some of the most important issues affecting modern banking in 2023. Together, we’ll explore the answers to critical questions such as:

1. Does your KYC/ID verification software accurately extract information from Russian documents?
2. What are the most useful tools enabling you to implement new sanctions?
3. What failings and shortcomings have you found in your existing system?
4. What is your risk-based approach to financial crime compliance (FCC)?
5. Can you explain your company’s anti-money laundering procedures?
6. What challenges have you faced implementing the Russia sanctions?
7. What are the long-term consequences of the sanctions on Russia?

Foreign banks and financial service providers that break sanctions may be prohibited from accessing U.S. dollars and have their assets frozen. Listen, talk, share your ideas, and join the conversation as we consider how best to overcome sanctions challenges.