Syed Rahman spoke about the challenges posed by sanctions – and the solutions

Rahman Ravelli’s Syed Rahman was one of the main speakers at the OffshoreAlert London conference on intelligence, investigations and recovery.

Syed’s speech examined sanctions-related compliance and enforcement, with the Office of Sanctions Implementation (OFSI) set to double in size by the end of the year.

He focused on why the authorities view cryptocurrency as a means of circumventing sanctions, their efforts to tackle this and the risks associated with being involved with new virtual assets, such as non-fungible tokens (NFTs). Syed went through the most significant aspects of both the Sanctions and Money Laundering Act 2018 (SAMLA) and the guidance from OFSI. 

Syed also explained how to:

• Prepare a risk-based approach to prevent unwanted customer transactions.
• Introduce alerts to minimise the time between an incident and it being investigated and reported.
• Reduce the potential for illicit activity.
• Provide sanctions-related training for staff.
• Nominate officers for anti-money laundering procedures.

OffshoreAlert London brings together participants in high-value international finance, including intelligence gatherers, investigators, asset recovery attorneys, insolvency practitioners, litigation funders, professional service providers, regulators, law enforcement officers and journalists.

It was held at the Leonardo Royal Hotel, 10 Godliman St, London EC4V 5AJ.

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