- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2022-04-06T19:10:00
The Department of the Treasury announced strengthened sanctions against two of Russia’s largest financial institutions, Sberbank and Alfa-Bank, that were already subject to U.S. restrictions.
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The Treasury Department is considering rulemaking that would seek to mitigate the growing risk sanctioned Russian oligarchs and politicians will attempt to use “hedge funds, private equity firms, and investment advisers to hide their assets.”
As part of a discussion at an industry event, Deputy Attorney General Lisa Monaco reiterated the Justice Department will prioritize the enforcement of sanctions the United States has placed on Russia following its invasion of Ukraine.
U.S. Treasury Secretary Janet Yellen warned countries that are unified in their sanctions against Russia “will not be indifferent to actions that undermine the sanctions we’ve put in place.”
The Treasury Department’s Office of Foreign Assets Control sanctioned nearly 50 entities connected with so-called “shadow banking” networks that help Iran’s military evade U.S. sanctions and to sell the country’s oil and petrochemical products.
The Treasury Department’s Office of Foreign Assets Control and Secretary Janet Yellen announced sanctions Thursday against the top leaders of La Nueva Familia Michoacana drug cartel over the illicit trafficking of synthetic opioid fentanyl in the United States.
Sanctions compliance officers face myriad challenges as complex geopolitical situations heighten risks worldwide, experts discussed during Compliance Week’s Third-Party Risk Management & Oversight Summit.
