Kharon的动态

Further expectation and scrutiny on financial institutions this week, as the US Bureau of Industry and Security-U.S. Department of Commerce released new guidance aimed at improving their compliance with export control regulations. Before it was about just identifying and reporting red flags ?? but now, FI's could face enforcement action if they fail to incorporate these red flags into their compliance programs. Read our latest brief from here at Kharon - perfect on your morning commute ?? ?? ?? , to stay ahead of what these material changes mean for your institution, covering: ?? Increased Liability for Financial Institutions ?? New Customer Due Diligence Procedures ?? Post-Facto Transactional Reviews ?? Real-Time Screening for Higher-Risk Transactions ?? Heightened Focus on Red Flags #compliance #guidance #brief #export #controls #sanctions #russia #redflags

The Bureau of Industry and Security-U.S. Department of Commerce (#BIS) recently published best practice recommendations for complying with the Export Administration Regulations (EAR). In a new #ClientAlert, Partners Tommy Brooks, Jane Luxton, and Andrew Pidgirsky delve into the details of BIS' guidance to #financial institutions on how best to comply with its #regulations so banks can spot red flags and avoid being used to facilitate #sanctions violations. Read the full alert on our website: https://ow.ly/5t4g50TWCA2 #ukraineconflict #financialservices #trade #internationaltrade

FTI Consulting is proud to sponsor this FREE upcoming ACSS webinar featuring my colleague Eric Rudolph. Key topics of this webinar include the impact of US export controls on financial services, learning practical compliance strategies, and gaining insights from real-world case studies. Sanctions are continuously changing, so staying on top of the latest developments is important to remain compliant! Link: https://lnkd.in/gkZKQcas

Watch the recording of our recent webinar, 'A World View on Compliance Training,' with experts Brad Kabanuk and Debi Davis. The webinar explores cutting-edge trends in global trade compliance training and unravels the secrets behind regulatory requirements. Don't miss out—download the recording now! https://lnkd.in/gMTG5GbB #TradeCompliance #ComplianceTraining #OCR #Sanctions #ExportControls

???New BIS Guidelines for Financial Institutions issued on October 9, 2024 The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has recently issued critical guidance for financial institutions globally, emphasizing comprehensive compliance measures with the Export Administration Regulations (EAR): **Enhanced Due Diligence Requirements: - Financial institutions should integrate EAR-related due diligence into their risk management frameworks. This includes regular checks against BIS’s restricted-party lists such as the Unverified List, Entity List, and Denied Persons List. - It is recommended that financial institutions assess not only their clients but also their clients' customers, especially those shipping to sensitive regions like Russia. **Ongoing Transaction Reviews: - Institutions must not only vet new and existing customers but also continuously monitor transactions for red flags that suggest potential EAR violations. - BIS emphasizes the importance of a robust, risk-based approach to transaction reviews to prevent inadvertent support of restricted activities. **Real-Time Screening for High-Risk Transactions: - Real-time screening is advised for transactions that are directly linked to regions or activities under intensive scrutiny, such as military-related exports to Russia, Belarus, and Iran. - This proactive measure is crucial in preventing violations and ensuring compliance with global trade sanctions and regulations. #BIS #InternationalTrade #exportcontrols

Stay updated on the latest trade and compliance developments with our Trade Matters newsletter. This month’s issue highlights BIS's new export control guidelines and CFIUS’s expanded scrutiny, both of which underscore the increased risks and regulatory demands for U.S. businesses engaged in foreign transactions and technology, emphasizing the necessity for rigorous due diligence and compliance. To read the full newsletter and subscribe, please visit: https://bit.ly/3WI8YVa cc: Doreen M. Edelman, Abbey E. Baker, Andrew Bisbas, Christian Contardo, Kei Komuro, Megan Bodie #globaltrade #internationaltrade #compliance #tradefinance #nationalsecurity

This month's OCR + Descartes Global Trade Brief highlights critical developments in global trade enforcement and export control regulations: September 2024 Key Updates: - E5 Countries Reaffirm Export Control Enforcement - BIS Streamlines Self-Disclosure & Penalty Guidelines - OFAC Issues Russia-Related General Licenses - BIS Updates Controls for Advanced Technologies Navigating the ever-changing trade landscape can be challenging. OCR + Descartes is here to keep you informed and compliant.? Stay tuned for more updates next month! Read Now: https://lnkd.in/ej7BaX4K #GlobalTrade #ExportControl #BIS #OFAC #GlobalTradeCompliance

What changes will OFAC's recently published?interim final rule?make to the Report, Procedures and Penalties Regulations? In their latest post, Michael Lowell, Lizbeth Rodriguez-Johnson, Paula Salamoun, Justin Angotti, and Kirsten Lowell outline how this rule with amend current reporting policies. #OFAC #sanctions #international #trade

Stay ahead of regulatory changes and potential financial risks with the latest adjustments in civil monetary penalties issued by OFAC, State, Commerce, and DOE. Read more here: https://lnkd.in/dDuUN5Tr #ComplianceRegulations #CivilMonetaryPenalties #RegulatoryUpdates

Hello Friends, On Wednesday, June 5th at 1:00 EST, my #KPMGTradeCustoms colleagues Elizabeth Shingler and Steven Brotherton will lead an upcoming webinar as part of a10-part series hosted by Export Compliance Manager (ECM) called "Troubleshooting Compliance" focusing on how you can manage today’s trade compliance challenges. It will be a great opportunity to learn about the impact of export controls and sanctions and recommendations for mitigation strategies. Click the below link to register and contact me with any questions. https://lnkd.in/ezEuw--a #KPMGTC #KPMGTax #Trade #GlobalTrade #InternationalTrade #TradeCompliance #Customs #ExportControls #Sanctions