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Blog 4 December 2023

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

 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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Blog 25 March 2021

Risks of Cooperation with Counterparties from Countries with a High Level of Corruption

The location of participants or beneficiaries of a company in the so-called risky jurisdictions attracts special attention of the National Bank of Ukraine (NBU) within financial monitoring. We devoted a separate article to this factor. You will find the whole series of articles on risk factors and the provisions of the Law on Financial Monitoring at the end of this article.   The Corruption Perceptions Index is a global ranking of countries concerning their corrupt practices.

Blog 19 March 2021

Risks of Cooperation with Tax Evaders

Debts to the Tax Service are one of the risk factors according to the National Bank of Ukraine (NBU). The Express Analysis from YouControl draws your attention to this factor while checking a counterparty and works out if a company has a tax debt for the last available period. We are explaining what this means and why you need to be especially careful while working with such a counterparty.   A tax debt is the amount of monetary obligation not paid by a taxpayer in a timely manner.

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