Sanctions Related Services
Sanctions Programs are increasingly complex and complicated, and inherently possess little guidance and support.
Whereas most people are familiar with OFAC as the sanctions regime of the United States, they are unaware of other sanctions programs of the United States, administered by other US government agencies nor the dozens of other sanctions programs developed by other governments around the world. They are also unaware of the punishments they may be personally liable for, even when they unknowingly and innocently caused a sanctions violation.
Sanctions programs apply to all covered persons or covered transactions, not only financial institutions, regardless where in the world they may be located. Consequently, corporations, commercial enterprises and individuals often discover that they have significant liabilities and fines from governments, even if they are not even located in the jurisdiction that punishes them. Such risks are exponentially increased when one considers that the global economy involves the purchase and sale of goods and services all over the world, and companies (or their employees and owners) are at risk in cases where they violate a sanctions program in connection with a direct or indirect overseas transaction.
With substantial fines, loss of financial connections, and reputational damage, financial institutions should consider relying on W1 Global to help navigate the complex issues involved when confronted by sanctions matters, including assessment and appropriate compliance; targeted sanctions investigations; reporting; licensing; and training.
Sanctions Program Review, Design & Execution
W1 Global can conduct a sanctions program risk assessment as well as assist in developing or enhancing a sanctions internal control program. W1 Global commences its review by exploring, examining and analyzing the threats and exposures of a company’s business and activities to sanctions threats. Then we assess those threats to determine extent of possible damage as we propose design enhancements to the company’s internal control structure to reduce the threats and, where necessary, meets applicable regulatory requirements.
Sanctions investigations can be very complex as many violators, like financial criminals, take extraordinary steps to conceal the nature of their crimes as they support sanctioned parties and jurisdictions. Our team has years of experience and a true expertise in conducting such investigations. For example, our team members have actively participated in the criminal investigations that led to additional North Korean sanctions, Syrian sanctions, drug kingpin sanctions, and weapons of mass destruction sanctions implemented in both the United States and the European Union, as well as the United Nations. W1 Global undertakes its sanctions investigations in much the same manner as financial crime forensic investigations. In addition, we overlay the sanctions risks and regulations to further identify and mitigate the risks to the Client. As part of these investigations, we apply the lessons learned to make further recommendations to the Client regarding enhancements to their internal control programs to help ensure that they are protected from further risks and vulnerabilities.
Sanctions Reporting & Licensing
The reporting and licensing processes vary from jurisdiction to jurisdiction as well as program to program. W1 Global offers its expertise to ensure compliance with reporting obligations for any detected sanctions issue or violation. We also assist Clients in developing the necessary controls to ensure adequate and complete reporting.
Sanctions licensing is also an area of expertise that W1 Global offers its Clients. Licensing can be proactive or reactive depending on the sanctions program or circumstances. W1 Global can assist Clients in proactively applying for and obtaining licenses in order to conduct business where such activity would ordinarily be impermissible. W1 Global can also assist Clients in applying for licenses reactively, for example when assets have been blocked or seized in accordance with sanctions regulations. As such endeavors are complicated, W1 Global begins by working with the Client to understand the facts in order to make a determination as to the best course of action. In some circumstances, W1 Global will also partner with law firms specializing in these matters to assist in a positive outcome.
Given the lack of guidance from government authorities around the world pertaining to their sanctions requirements, adequate training from experts who practiced sanctions compliance is the best means to ensure no violations occur. W1 Global can offer comprehensive, targeted and customized sanctions training solutions to Clients pertaining to all aspects of risks and exposures.