Compliance Consultancy
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Sanctions and Embargoes

Compliance Consultancy Financial Crime Sanctions and Embargoes

What is an embargo?

As a result of globalization, businesses are more likely to face the threat of sanctions, operational and supervisory challenges, and the requirement to follow national and international requirements. Compliance practices must be enhanced to prevent penalties and reputational harm.

Embargoes are trade-related restrictions such as limitations on the import or export of items, travel restrictions for individuals, asset freezing for these individuals, prohibitions on investments, etc.

A financial sanction is a penalty or restriction imposed by a government which forbids or restricts financial dealings with a specific nation, organization, or person.

What is the difference between a sanction and an embargo?

A sanction is a punishment put on a country to compel it to modify its behavior, whereas an embargo is a ban or restriction on commerce with a specific country. Embargoes normally only apply to trade, although sanctions may also apply to other things including finances, investments, travel, and diplomatic ties.
Financial sanctions

How are financial institutions impacted by sanctions and embargoes?

Sanctions and embargoes prevent financial institutions from transacting with specific people, companies, or nations, which can restrict their ability to conduct business internationally and have an influence on their revenue. Financial institutions must put in place strong compliance programs and closely monitor their transactions to comply to avoid fines and reputational harm.

How can Pideeco help you with Sanctions and Embargoes?

It can be difficult for financial institutions to reconcile serving consumer needs with adhering to restrictions and embargoes while also ensuring financial stability. Pideeco’s decade-long experience in compliance and the financial sector can help your company to:

- Navigate the regulatory landscape concerning sanctions and embargoes.

- Analyze your current sanctions processes, create a gap analysis, and execute a mitigation plan.

- Set-up a sanctions procedure that is tailored to your company.

- Draft or improve your current sanctions policies and procedures.

- Choose the best tools and sanction lists.

- Execute screening tools on your behalf.

- Perform a lookback on your clients.

- Train staff on the impact of failure in respect to sanctions and embargoes.

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