Sanctions risk is not the only liability US firms and financial institutions face, as the US government continues to target Russia, Iran, China, and other countries with sanctions and trade restrictions and focuses on enforcement of existing laws. Sanctions evasion methodologies are becoming more sophisticated as sanctioned entities and individuals work to gain access to the US dollar and US markets, and new regulations, export controls, and designations are issued on a near-daily basis.
In today’s volatile environment, companies face more regulatory and reputational risk than ever before, and without significant expertise in assessing geographic, regulatory, ESG, sanctions, and money-laundering pitfalls, they can incur significant fines and reputational damage if they are transacting with sanctioned entities, politically exposed persons (PEPs), or in heavily sanctioned geographies.
FiveBy has written a white paper on a potentially risky Russian entity to provide relevant insights for clients and partners and inform their business decisions.
- What potential name variations could this entity use to circumvent list screening?
- With what Russian government entities does this entity transact and for what types of services?
- What kind of products does this business develop and do they represent an export control risk?
- What potential PEP risks does this entity present?
- Could this entity be sanctioned or restricted in the near future because of its connections or activities?
Making informed compliance decisions will keep your firm’s risks to a minimum. FiveBy is here to help. Download your free report by clicking below.