Angelika Hellweger explains why financial services firms must have adequate procedures for preventing sanctions violations

With the Kremlin's largest bank having been reported to sanctions watchdog OFSI for actions involving its UK arm, Angelika Hellweger wrote about financial services firms’ need to ensure such violations do not happen.

In her article, which was published by Compliance Monitor, Angelika makes it clear that there is no “one-size-fits-all’’ when it comes to sanctions compliance.

But she emphasises that any risk assessment has to take into account a firm’s customers, the products and services it offers and how they are delivered, and the nature of the transactions.

Senior management, she argues, should set the tone for the business and there needs to be an emphasis on sanctions compliance training. Sanctions risks – and the company’s response to them – have to be regularly assessed, and changes that are necessary must be made as soon as possible.

Angelika also says that companies have to seek appropriate advice if they do not know what the best course of action is regarding sanctions.

You can read Angelika's article here. (Subscription required)

Featured at: Compliance Monitor