- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2022-03-10T18:05:00
Goldman Sachs announced the winding down of its business in Russia, becoming the first major U.S. bank to take such action in the wake of the invasion of Ukraine. JPMorgan Chase later announced similar plans to exit the country.
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Once a bank decides to withdraw or wind down its Russian operations, there are a host of thorny compliance issues to navigate in a compressed timeframe, including sanctions implications, money laundering risks, and more.
Amid Russia’s invasion of Ukraine, SEC staff issued a statement warning broker-dealers and other market participants to “remain vigilant to market and counterparty risks that may surface during periods of heightened volatility and global uncertainties.”
As the Russia-Ukraine crisis unfolds, companies around the world have announced changes to their supply chains to reduce their footprint in Russia. Compliance Week looks at how businesses across multiple industries are responding.
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.
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
