ECOVIS ProventusLaw training “International Economic and Financial Sanctions and their Risk Management in Fintech Companies” took place in Vilnius. AML and compliance people from financial sector were invited to participate and gain deeper knowledge in quite complex topic of economic and financial sanctions.
Few takeaways from the training:
- When operating internationally, it is important to ensure that the company complies with restrictions in each country and that customers, payments and transactions are not subject to sanctions of individual countries.
- The rules on sanctions screening and freezing of funds must be clearly defined.
- Ordinary AML tools can help manage sanctions risks.
- Knowing customers better can help financial institution to not only mitigate sanctions risks but also safeguard its customers from the same risks.
- Carefully assess US jurisdiction and note the extraterritorial reach of US sanctions.
Speakers – certified AML expert Rūta Sakalauskaitė and partner, Attorney at Law of ECOVIS ProventusLaw, certified AML expert Inga Karulaitytė – were those who shared their experience in the topic during the training, presented the theory and real-life examples.