On 8 June 2022, Baltic FinReg Summit’22 conference took place in Riga, participated by both government officials and private sector representatives from Lithuania, Estonia, Netherlands, Belgium, Austria, the Great Britain and Latvia.
The important and relevant topics discussed at the conference included a vision of AML/CTPF and sanctions regulations, impact of sanctions on the global market, mitigation of risks of violation of sanctions, and last, but not least important – ESG (Environmental, Social and Governance) criteria.
In the field of AML/CTPF and sanctions there still are a few challenges:
- Lack of an open register of beneficiaries in other countries that is impeding compliance with the requirements of AML/CTPF and sanctions regulations;
- Challenges of application of the sanctions regulations;
- Uneven application of sanctions regulations in different countries.
In this respect, the experts offered a few valuable recommendations:
- Always read the adopted sanctions regulations, including finding and carefully reading the source material and studying the attachments and commentary to it;
- Assess risks that may be related to the cases of circumventing the sanctions or attempts to do so;
- Implement internal control, especially important for the subjects of the AML/CTPF law who, in accordance with the AML/CTPF and sanctions laws, are obligated to carry out AML/CTPF and sanctions risk assessment and create internal control system.
Neesi pārliecināts vai esi NILLTPFN likuma subjekts? Pārbaudi Atbilst mājaslapā.
Worried, your new business partner may be in sanctions lists? Check it out! http://www.atbilst.lv/
Elina Nebritova
Atbilst expert
