Inconsistent sanctions regimes, new regulatory measures and stricter punishments for non-compliance have all been contributing factors, which ultimately mean that being able to quickly respond to change is more important than ever for financial services organisations as we consider financial crime compliance in 2023.
An inconsistent global sanctions regime
The conflict in Ukraine continues to bring significant economic and political instability on a global scale, with the resulting sanctions against Russia, as well as other countries such as Iran, North Korea and Venezuela, proving inconsistent when it comes to targeted and granular restrictions against specific individuals, companies and industries.
