Oct 18, 2021
Most people are aware of the seriousness of sanctions but don’t properly understand the nuances or the mechanics behind them, which leads to the formulation of a number of misconceptions. In today’s episode I’m going to shed some light on this topic, and by the end you’ll have a better understanding of the types of sanctions that exist, and how, as a financial institution, you should be dealing with them.
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Today's episode:
[00:48] Why I decided to make sanctions the focus of today’s episode.
[01:54] How sanctions are imposed.
[02:26] The two countries that are currently under sanctions, and why this is such a rare occurrence.
[03:47] Some of the reasons that specific individuals would have sanctions against them, and what these types of sanctions mean.
[04:55] An explanation and examples of the third category of sanctions: sanctions against groups or organizations,
[06:41] How sanctions against industries and commercial activities work.
[07:43] Why is it important to understand the different types of sanctions that exist.
[09:32] Some contradictions in the sanctions realm which can make the life of a compliance officer very interesting.
[11:00] My recommendation for dealing with countries, industries, people, or organizations that are under sanctions.
[12:16] How financial institutions should implement sanctions requirements from a technical standpoint.
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