A sanctions risk assessment as a prerequisite for an effective sanctions compliance program: Five recommendations to improve its effectivenessArend Koper1
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For many years, the Dutch Financial Industry’s risk assessments related to financial economic crime (FEC) are dominated by scenarios involving money laundering (ML) and terrorism financing (FT) risks. In general, less attention has been paid to the various sanctions related risks Dutch financial institutions are exposed to. Russia's war of aggression against Ukraine and the illegal annexation of Ukraine's Donetsk, Luhansk, Zaporizhzhia and Kherson regions has significantly changed this. However, a recent publication of De Nederlandsche Bank (DNB) concerning the ‘results of DNB’s examinations on compliance with sanctions regulations’ showed that the current sanctions risk assessments of financial institutions (FI’s) do often not have the right level of maturity to be effectively used by management as a steering document.
This contribution examines the purpose and legal basis of sanctions risk assessments and provides recommendations in order to improve their effectiveness. The...
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