On completion of this tutorial, you will be able to:
• List the reasons for sanctions
• List the types of sanction
• Identify a sanctions list and the penalties associated with noncompliance
• Interpret the name and target match procedure
• Recall the challenges in identifying ownership and control in entities
Sanctions restrict and prohibit dealings with certain countries, entities, or individuals which are involved – or suspected of being involved – in illegal activities. This helps uphold peacekeeping and conflict resolution, and combat violations of international law and terrorism.
They do this by applying pressure to encourage a change in behavior of a target country or regime, or to prevent and suppress the financing of terrorist activity. Everyone who works within financial services should have a good understanding of what sanctions are, how they work, and why they are used.
In this tutorial, we look at who imposes sanctions, the laws, and penalties for breaches of said sanctions, and the reporting obligations surrounding sanctions.
Prerequisite Knowledge: None
Tutorial Level: Introductory
Tutorial Duration: 45 minutes
*This programme is not meant for individual registration. Please contact us to enquire.