As geopolitical tensions rise, sanctions compliance is
no longer just a concern for defence contractors or financial
institutions.
In today's globalised economy, any business with
cross-border operations, international clients or complex supply
chains or corporate relationships may be at risk of breaching
sanctions, often without realising it.The Australian Sanctions
Office (ASO), the sanctions regulator, is increasingly expecting
not just technical compliance, but a proactive culture of diligence
and accountability.
Australian sanctions laws impose strict liability offences. This
means a company can be found liable for a breach, even if it did
not intend to contravene the law - the act of breach itself is
enough. However, if a company can show that it took reasonable
precautions and exercised due diligence, this may provide a defence
to sanctions liability.