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Recent changes to global sanctions regimes—along with some high-profile and costly sanctions violations—illustrate the importance of mitigating sanctions risks. With increased compliance focus on companies outside of the banking and financial services, it is crucial for companies to implement a robust framework against costly sanctions violations. Because sanctions laws change frequently, all internal procedures and controls need to be regularly assessed to identify potential gaps. Here we take a look at 10 steps to help you build a stronger sanctions compliance program.
Given the potential for criminal charges, substantial civil fines, debarment and other restrictions, the costs of sanctions compliance failures are significant. With a clear trend of enforcement actions against organizations beyond the traditional banking and financial services focus, any company conducting business across borders—whether through a subsidiary or via an extensive supply chain or third-party network—needs to have a rigorous sanctions risk mitigation strategy and process in place.