Sanctions Compliance Programs

During this episode of Conversations on Fraud, Weaver’s Forensics and Litigation team discusses sanctions compliance programs where third-party due diligence efforts play a key role in successful outcomes.

Key Points:

• Effective sanctions compliance programs should have management commitment, risk assessment, internal controls, testing and company-wide training.
• Comprehensive third-party due diligence programs are crucial in preventing violations of existing sanctions.
• Russia is the most sanctioned nation globally due to the war in Ukraine, with sanctions affecting key sectors and individuals.

Emily McKee, manager, Forensics and Litigation Services, takes a moment to discuss sanctions and compliance programs with Sasha Gartman, senior manager, Forensics and Litigation Services. They emphasize the significance of the sanctions imposed on Russia due to the ongoing war in Ukraine, making Russia the most sanctioned nation globally, with various countries including the U.S., European Union, Canada, Australia and Japan participating in the sanctions. It is important for companies to stay informed about current and potential sanctions, especially those with international operations. An effective sanctions compliance program includes management commitment, risk assessment, internal controls, testing and company-wide training. As violations are addressed, organizations should gather evidence and involve its compliance or legal department. Additionally, the value of comprehensive third-party due diligence programs should not be overlooked in preventing sanctions violations.

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