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International trade has been severely disrupted over the last two years. The coronavirus (COVID-19) pandemic has caused chaos across supply chains, requiring companies to adapt their operations while remaining in compliance with international sanctions programmes.

Trying to keep pace with myriad changes to sanctions regimes – including evolving Office of Foreign Assets Control (OFAC) guidance under the Biden administration – has continues to create obstacles.

The latest US sanctions programme, for example, has placed restrictions on transactions involving publicly traded securities of more than 40 major Chinese companies.

Compliance teams must ensure that all necessary measures are in place to meet and maintain their obligations. One of the most important aspects of an effective sanctions compliance programme

is access to high-quality data. Businesses need key information to identify potential exposure to sanctions risk, and to make strategic decisions around transactions and business partners. In addition, compliance teams need to oversee relevant policies and procedures, employee training programmes, reporting mechanisms, third-party due diligence, and periodic testing and review processes.

Keeping pace with sanctions developments can be a challenge for businesses across all industries. In an uncertain market, compliance teams must navigate a complex web of restrictions, reinforce compliance and avoid conflict with enforcement authorities.

Against this backdrop, Financier Worldwide turns to some of the leading lights in their field, who share their stories…

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