OFAC

The broad, complex sanctions imposed on Russia following its second invasion of Ukraine have been very challenging for financial institutions. CFIs may have to choose between managing the sanctions’ complications or simply avoiding relationships that would require navigating them.

Anti-money laundering practices have been under more scrutiny as the pandemic ushered in more digital payments and cryptocurrency activity. Now, with the invasion of Ukraine, anti-money laundering measures and OFAC compliance tops regulators’ lists. Here are important risks to look out for and reminders on how to continue strengthening your practices to mitigate these risks.