As sanctions increase, banks struggle with growing compliance burden
Firms must get data management and compliance culture right if they really want to keep their books clean of crooks and sanctions-dodgers, and keep their reputations and bottom lines clean of regulatory fines.
After Russian tanks rolled into Ukraine in February, the West responded by imposing a stranglehold of sanctions on Russian President Vladimir Putin and his inner circle. Even Switzerland—a byword for both neutrality and secretive banking practices—said it would freeze the assets of 367 Russian officials, including those of Putin and his prime minister.
Sanctions lists are issued and updated by global government agencies like the US Treasury’s Office of Foreign Assets Control (OFAC) and
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