Nicola Roberts reports on the current Russian Sanctions,
their applicability in Jersey and the importance of remaining
vigilant.
Robust sanctions compliance is of central importance to
financial services businesses in Jersey, a point made all the more
important by the impact of recent EU/US sanctions. Understanding
the operation of various sanctions and having systems in place to
ensure that CDD processes capture sanctions risks is of the utmost
importance in light of the severe penalties in place for either
directly or indirectly committing sanctions offences.
The EU sanctions pursuant to Regulation (EU) No 833/2014 as
amended by Regulation (EU) No 960/2014 and Regulation (EU) No
1290/2014 (the Russian Sanctions) and US financial sanctions (OFAC
issued sanctions pursuant to Executive Order 13662) against Russia
in respect of the situation in Ukraine have presented numerous
challenges for financial services businesses in the Island. Both
the EU and US sanctions
