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An unprecedented wave of sanctions and export controls against Russia, and to a lesser extent Belarus, requires financial institutions from the West and other allied countries to take immediate steps to understand the impact of the complex requirements and ensure compliance.
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Financial institutions face significant legal, regulatory, operational and reputation risks related to their implementation of the Russian-Belarussian sanctions and the world events that have led to these sanctions. These risks have implications across the financial crime compliance programme and, more broadly, the entire organisation.
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Last month, Protiviti issued two Flash Reports on the crisis in Ukraine.
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In this podcast, Protiviti Senior Managing Director Bob Hirth and Managing Director Chris Wright share their thoughts and insights about a number of ESG topics.
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On February 23, Protiviti issued a Flash Report on Vladimir Putin’s recognition of two Ukrainian regions as “independent people’s republics,” deployment of “peacekeeping forces,” and demands that Ukraine disarm and negotiate the sovereignty of the two separatist regions. The Flash Report also summarised the sanctions that had been imposed by the West in response to Putin’s aggression.
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Key takeaways
Organisational resiliency is the name of the game, reinforcing the importance of a risk-focused board.
A long-term risk perspective augments the board’s short-term risk awareness and governance.
The board owns oversight of risk through established, regularly reported metrics.
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On February 21, after months of building up forces close to Ukraine’s borders, Vladimir Putin recognised the Luhansk and Donetsk regions of Ukraine as “independent people’s republics.” He ordered the Russian Defense Ministry to deploy troops in those regions to “maintain the peace.” These actions commenced on the anniversary of Russia’s invasion of Crimea almost eight years to the day.
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This podcast accompanies our Executive Perspectives on Top Risks for 2021 and 2030 survey. View the full survey results and more at protiviti.com/toprisks.
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Your monthly compliance news roundup
Agencies Update Guidance on BSA/AML Compliance Programme Expectations
On August 13, 2020, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) released a
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At its April 8 meeting, the Financial Accounting Standards Board (FASB) proposed delaying, for certain entities, the effective dates of its accounting standards for revenue recognition (Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606)) and lease accounting (Accounting Standards Update No.
