Last year, the economic sanctions landscape grew considerably more complex. Regulatory expectations and fines increased drastically, and regulatory uncertainty grew.
Although the US lifted certain sanctions against Iran and Cuba, conducting transactions with either market comes with substantial risk. Meanwhile, the continued expansion of financial institutions into international markets has caused an increase in conflict-of-law and transliteration challenges.
This Financial crimes observer provides our view of the four key sanctions challenges and our recommendations for establishing a global sanctions program.