Wolfsberg’s New Correspondent Banking Questionnaire Incorporates Specific Guidance to Aid in Sanctions Compliance

April 11, 2018
By: Anna Sayre, Legal Content Writer SanctionsAlert.com

In direct response to increased regulatory expectations for enhanced due diligence in correspondent banking relationships, the Wolfsberg Group (Wolfsberg), published its new Correspondent Banking Due Diligence Questionnaire (CBDDQ) in February 2018, incorporating a number of important changes. The new Questionnaireis not only four times as long as its 2014 predecessor, containing 110 instead of 28 questions, but has also expanded its scope to specifically address due diligence issues relating to Anti-Bribery and Corruption, Counter terrorism Financing,and Sanctions exposure controls. (more…)

Wake Up To Sanctions

SanctionsAlert.com Sanctions Round Up
March 27, 2018

North Korea Generates $200 Million in Illicit Revenue and Continues to ‘Flout’ International Law – UN Report Claims

On March 5th, the United Nations (U.N.) Panel of Experts released its Report on North Korea sanctions pursuant to U.N. Security Council Resolution 2345 (2017) (the Report). The 298-page document details numerous examples of efforts by North Korea to evade U.N. sanctions and claims that the country has earned $200 million in 2017 concealing the origin of illicit exports. (more…)

2017 Magnitsky Act and Other Global Initiatives Underscore Vital Importance of Corruption Perception Index in Risk Assessment

March 12, 2018
By: Anna Sayre, Legal Content Writer SanctionsAlert.com

Though the use of sanctions as an international means for deterring global corruption is not a novel concept, the consequence shave become broader than ever before and can expose a business to a number of risks and business disruptions.

Since last year, a number of new sanctions initiatives have been imposed that specifically target corrupt officials and practices.The 2017 U.S. Global Magnitsky Act, and equivalent regimes in Canada and the U.K, targets corrupt conduct by government officials regardless of where they are located in the world.Similarly – though not globally imposed – countries such as Syria (E.O. 13460), Zimbabwe (E.O. 13469), and most recently Venezuela (E.O.13692), have also targeted various individuals due to human rights violations as well as the presence of significant public corruption. (more…)

Member Profile – Kenneth Barden: How to Get a Foot in the Public Sector Door

February 20, 2018
By Anna Sayre, Legal Content Writer SanctionsAlert.com

The use of sanctions as an international regulatory and compliance tool has risen exponentially in recent times. The increasingly complex nature of these sanctions programs has led to the need for qualified persons equipped with the knowledge to tackle the day-to-day compliance and operational duties brought on by the ever-changing rules that govern sanctions policy.

In order to gauge a real-life perspective of those in the business, SanctionsAlert.com has taken the time to ask sanctions professionals what they think is the best way of breaking into the sanctions field and how they see the future of the sanctions industry unfolding.

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Wake Up To Sanctions

SanctionsAlert.com Sanctions Round Up
February 9, 2018

E.U. (Almost)Mirrors U.S. Sanctions by Designating Seven Venezuelan Officials

On January 22, 2018, the E.U. Council placed 7 officials onto its Venezuela sanctions list. The officials have been designated for allegedly being involved in the “non-respect of democratic principles or the rule of law as well as in the violation of human rights”. The E.U., following suit with U.S. sanctions issued in August 2017, originally imposed their own economic sanctions and arms embargo against Venezuela in November 2017.

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Deciphering Multi-Faceted Venezuelan Sanctions –Top Ten Practical Tips to Stay Compliant

January 24, 2018
By: Anna Sayre, Legal Content Writer, SanctionsAlert.com

The recently imposed Venezuelan sanctions issued by the U.S., the E.U., and Canada have placed heavy burdens on sanctions compliance programs. This has made it much more difficult for companies and financial institutions who engage in business with the troubled South American nation to stay compliant.

Not only are these new sanctions on Venezuela detailed, multilateral, multi-faceted, and yet to be properly defined, but designated entities (or those businesses connected to them) are not always easily identifiable.

Many compliance suites are having trouble navigating these muddy waters.

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