Implementing Russia-related sanctions has been one of the biggest challenges in FinTech compliance due to highly complex sets of conditions and multiple exemptions that must be analyzed and assessed at the same time. 

Compliance experts have been traditionally trained that the main control to implement any sanctions compliance is watchlist scanning.

To enhance their scanning controls, many compliance teams collect sources of funds and wealth documents from all customers who may have economic links to Russia.

This workflow, however, does not help with Russia-related sanctions.

It is entirely understandable why compliance teams  do it. They probably think: "the customer with links to Russia is a high risk, therefore the first thing I need to do is to ask for their sources of funds and sources of wealth documentation". Right?

WRONG!

Sources of funds and sources of wealth in the case of Russia-related sanctions are not always helpful, because they do not help you determine the UBO structures and industry affiliation of the customer's activities.

Russia-related sanctions have a very specific structure:

• Nationality-based (most UBO-related restrictions fall within this group)

• Territory-based

• Industry-based

• Specific designation

Detecting individuals and companies specifically named and identified by the sanctions lists is probably less than 10% of the overall compliance efforts required to implement Russia-related sanctions.

Where should you spend your biggest efforts then? What documents do you actually need to determine whether or not sanctions requirements apply to your customer or their transaction?

This workshop will cover 4 categories of applicable sanctions and offer step-by-step decisioning process for each sanctions category, address several most common concerns related to practical implementation of the Russia-related sanctions within FinTech and crypto startup ecosystem.

AGENDA:

• 4 categories of Russia-related sanctions and decisioning algorithm for each category.
• UBO from Russia or Russian nationals and applicable sanctions and restrictions.
• Assessment of the sources of funds and sources of wealth. Where does it actually help?
• Group entities and/or clients based in CIS countries.
• Partners or banks based in CIS countries. 
• Partners, banks or crypto exchanges based in countries with different sanctions regimes (supply chain monitoring).
• Specific industry and IT-related restrictions that may impact FinTech services.
• Responding to regulatory inquiries about Russia-related sanctions compliance.

Workbook with a summary of sanctions categories and the decisioning algorithm is available to download.

Logistics:

After you will have made the payment, you will be granted access to the password-protected area of the course portal where all recorded content and templates will be delivered to you. You will be prompted to create your log in and password which you will need to access the program recordings at any time in the future. All access information will be delivered to you within 10-15 minutes after the payment is processed. 

Please note that this offer is non-refundable.

Questions? – Feel free to write to [email protected]

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