12 Sep 2023
Ukraine/Russia-Related Sanctions and Response Plan for Financial Institutions
As the Russian invasion in Ukraine continues, financial institutions are reminded to remain vigilant in complying with economic sanctions imposed by the U.S. Executive Administration, U.S. Department of the Treasury Office of Foreign Assets Control (OFAC), and other regulatory agencies. Access this checklist to review current sanctions and restrictions imposed on Russia, its entities, and individuals, and gain insight into the enforcement efforts undertaken by other regulatory agencies.
Related Content
- Sanctions and Penalties for Violations of the Bank Secrecy Act and OFAC Requirements
Access this practice note to gain an overview of the various civil and criminal penalties assessed against financial institution for violating provisions of the Bank Secrecy Act, and economic sanctions mandated by the OFAC and other U.S. regulatory agencies.
- US financial institutions should look for sanctionable cyber asset transfers from Russia, FinCEN says
Explore this article, to understand the Financial Crimes Enforcement Network (FinCEN) red flags of transactions by parties seeking to circumvent US sanctions imposed on Russian and Belarusian entities in response to the invasion of Ukraine. The guidance remains relevant for U.S. financial institutions.
- Bank Reporting Requirements under the Bank Secrecy Act and OFAC Sanctions Laws
Examine the regulatory reporting requirements under the Bank Secrecy Act and the reporting and filing requirements mandated by the OFAC.
Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.
- AML Fraud Red Flags Video, Transnational Criminal Organization Activity Video, and Drug Trafficking Organization Activity and AML Video are just some of the Financial Services Regulation videos providing insight on AML/CTF for financial institutions.
- Ukraine Invasion Resource Kit and the Compliance with OFAC, AML, and USA Patriot Act Resource Kit include practice notes, templates and checklists that provide key information to in-house lawyers and counsel advising financial services institutions.
- Financial Institution Regulations State Law Comparison Tool
Access this tool for federal/state-specific guidance and the ability to compare state laws for banking and non-banking financial institutions in the areas of licensing, capital requirements, AML/CFT guidelines, recordkeeping, supervision, and enforcement authority. - For related Practical Guidance content on important recent trends, please review these easy-to-use Resource Kits on a variety of emerging topics:
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