Tue, Jun 25, 2019

Kevin Braine Discusses Economic Sanctions with Compliance and Ethics

Kevin Braine, Managing Director in Kroll’s Compliance Risk and Diligence practice, joined a podcast hosted by Compliance and Ethics to talk about economic sanctions compliance. The discussion follows the U.S. Department of the Treasury’s Office of Foreign Assets Controls (OFAC) release of a new Framework for OFAC Compliance Commitment. Kevin also discusses how the picture for Iranian sanctions seems to be changing daily.

Kevin explains that both the U.S. and EU have been active in issuing sanctions, but that the U.S. has proven a more active regulator, with severe economic consequences possible for those who run afoul of sanctions regimes. Making matters even more complex is that the sanctions may apply to both individuals (people and companies) and entire sectors. In addition, there can be differences in sanctions regimes between the U.S. and EU, with the EU taking a softer stance on Iran (while this was the case when the podcast was recorded, it may have changed by the time you listen). France has even offered to compensate French companies for doing business with Iran if fined by the U.S.

Listen to the full interview here.

Compliance Risk and Diligence

The Kroll Investigations, Diligence and Compliance team partners with clients to anticipate, detect and manage regulatory and reputational risks associated with global ethics and compliance obligations.