Online training
Sanctions and Embargoes
These courses cover sanctions, their purpose, and the various types of sanctions and who imposes them, as well as the serious consequences for financial institutions for non-compliance.
Geography Covered: Global | Duration: 45 minutes
Summary
Economic and trade sanctions aim to achieve domestic and foreign policy goals set by national governments and international bodies, such as diminishing the power of regimes considered to be a security threat or oppressive to their subjects, cutting off international criminals from the financial system, and preventing the proliferation of weapons of mass destruction. Organizations must know which individuals, entities and countries are subject to sanctions and must not conduct any transactions involving sanctioned parties.
Most sanctions-setting bodies publish lists that allow organizations to determine whether a specific transaction is prohibited because it involves a sanctioned party. These lists are subject to change at any time and therefore organizations must ensure they are using current information. Organizations have the additional legal obligation to report transactions when it is suspected that money laundering or terrorist financing may be involved. There are severe regulatory penalties for noncompliance, for both the individual and the organization. Businesses may also be at risk of significant reputational harm for any infringements. Proper sanctions compliance training can help to avoid that kind of damage.
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