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Roberto Gonzalez Discusses Rising Sanctions Compliance Risks Amid Escalating Geopolitical Tensions With Financial Times

May 2, 2024

Economic Sanctions & AML Co-Chair Roberto Gonzalez spoke with the Financial Times about the growing sanctions-related risks faced by financial institutions amid Russia’s ongoing war against Ukraine and other geopolitical tensions around the world. In “Banks face new risks as US tightens sanctions on Russia,” published on May 2, Roberto notes that in light of the extensive and evolving sanctions imposed on Russia, almost any transaction directly or indirectly involving Russia faces a higher risk from a sanctions perspective. Further U.S. sanctions against Russia are expected to include people or entities outside the country who are nonetheless helping its war, he adds, including “non-U.S. financial institutions that engage in significant defence industry-related transactions involving Russia.”

Roberto also notes that U.S. financial institutions are increasingly expected to monitor for suspicious activity indicating potential violations of U.S. export controls, which is a new challenge for many banks. It’s “an area of law that, historically, financial institutions had not been specifically focused on,” he says.

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