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Blog 4 December 2023

Compliance: A Marathon, Not a Sprint – The Importance of Continuous Sanctions Verification

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 Compliance: A Marathon, Not a Sprint – The Importance of Continuous Sanctions Verification

Sanctions compliance isn't just a current hot topic; it's an ongoing strategic necessity. Its success is closely linked to a company's diligence and experience in due diligence. Therefore, it's crucial to understand why checking for sanctions involves more than just the current ones against Russia.

International sanctions are legal restrictions and prohibitions with severe consequences for violations. Even if your business is compliant, inadvertent association with a problematic partner can draw sanctions and restrictions onto your business. These sanctions can target companies, individuals, and even countries. The variety of sanctions extends from those imposed on aggressor states to their beneficiaries and associates.

 

Global Reach of Sanctions

 

Since the Ukraine invasion, Russia has become the world's most sanctioned country. However, it's not the only one – previously, Iran held this title, followed by Syria. Thus, sanctions exist at different times and situations globally, impacting international cooperation and even domestic financial monitoring.

 

 

📌 YouControl.World: A global platform for uncovering toxic ties and freezing Russian assets abroad.

 

Business Implications of Sanctions

 

Sanctions can vary in targets and restrictions, ranging from individual sanctions to sectoral embargoes on commodities like oil and gas. Economic sanctions, in particular, may include trade barriers, customs duties, financial transaction restrictions, and embargoes. The Law of Ukraine On Sanctions lists several types, such as asset freezes, trade restrictions, transit limitations, capital withdrawal prevention, and communication service restrictions.

Non-compliance can have dire consequences, impacting not just the sanctioned entities but also their business partners.

 

Navigating Sanctions in Business

 

Direct sanctions violations lead to consequences like asset freezes and trade restrictions. If a business partner is sanctioned, it can indirectly impact your company through associated restrictions. Even when a partner isn't directly sanctioned, broader sanctions on their country or industry can still affect your business.

For example, in April 2023, Ukraine's President Zelenskyy enacted new sanctions, affecting hundreds of individuals and entities. These "mirror sanctions" align with those imposed by the US, EU, Britain, Canada, Switzerland, and others.

 

Staying Compliant with Sanctions

 

YouControl system updates sanction lists faster than official websites, providing comprehensive data on sanctions against individuals and entities, including indirect connections.

The Express Analysis feature in YouControl immediately notifies about any international sanctions against a company. Continuous monitoring of sanctions updates is essential for compliance and avoiding unintended breaches.

 

Visit the sanctions check feature on YouControl for more information.

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