Compliance officers face challenges navigating jurisdictional disparities in sanctions regimes, particularly between the US and EU, necessitating a nuanced understanding of differences in approach.
Global coordination in sanctions enforcement, exemplified by joint actions between the EU and US, aims to maximize impact, but compliance professionals must remain vigilant to key distinctions in application and focus.
Efforts to combat sanctions evasion are intensifying, with increased vigilance from governments and financial institutions, including the use of SAR reporting and the identification of evasion tactics by non-restricted entities.
Despite some recent easing, such as US sanctions against Venezuela, the sanctions landscape remains dynamic and responsive to geopolitical shifts, requiring compliance officers to stay attuned to global political developments for effective risk management.
