- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-05-09T14:32:00
Russia’s squeeze on European energy companies to pay for gas in rubles might be about to pay off as some of the continent’s largest suppliers appear to be working out sanctions-compliant solutions to secure gas flows.
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The Treasury Department unveiled a host of new sanctions against Russian and Belarusian individuals and banks, in addition to a ban on U.S.-based accounting, management consulting, and trust and corporate formation services to any person located in the Russian Federation.
To ensure Russian money is controlled, and for sanctions to work, it is imperative the beneficial owners of sanctioned firms are identified. But determining beneficial owners is not always straightforward.
Less than two months since Russia invaded Ukraine, a range of industries across Europe have issued stark warnings about supply chain shortages, production shutdowns, and price hikes. The worst may still be yet to come, particularly in Germany.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
