Compliance Risk and Diligence
Complying with anti-money laundering and anti-bribery and corruption regulations.Compliance Risk and Diligence
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.