Whilst firms are struggling to keep up to date with ever-increasing Russia sanctions, bad actors are always finding new ways to evade restrictions.
In this punch/counterpunch scenario, financial institutions should shift from an “if to when” mentality regarding sanctions evasion and build a proactive and evolving detection and prevention strategy. If your institution hasn’t done a recent anti-money laundering (AML) framework assessment, now may be the time.
For any institution evaluating their AML framework, our vast financial crime experience has shown they should be asking these five questions to quickly bolster against any sanction’s vulnerabilities:
While it’s impossible to make your organisation impervious to any sanctions challenges, by focusing efforts on the above, financial institutions can better protect themselves about known and unforeseen sanctions challenges.
We encourage you to read about the implications of the Russia-Ukraine conflict on firms’ broader anti-financial crime frameworks in our paper Beyond Sanctions.
Financial Crime Solutions