The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an alert to financial institutions and foreign jurisdictions, highlighting Russia’s efforts to circumvent sanctions by setting up new overseas branches and subsidiaries of its financial institutions.
The updated guidance broadens the categories of transactions subject to U.S. secondary sanctions for Foreign Financial Institutions (FFIs). In response, financial institutions and companies should:
- Conduct enhanced due diligence on transactions involving Russian interests.
- Assess exposure to Russia and Russian-linked entities, including intermediaries.
- Screen clients, transactions, and correspondent banking relationships with Russia.
- Report any suspicious activities or entities involved in transactions.
- Strengthen compliance programs by updating risk management frameworks.
Read OFAC Sanctions Advisory below
Read OFAC Alert below
By FCCT Editorial Team
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