Most people are aware of the seriousness of sanctions but don’t properly understand the nuances or the mechanics behind them, which leads to the formulation of a number of misconceptions. In today’s episode I’m going to shed some light on this topic, and by the end you’ll have a better understanding of the types of sanctions that exist, and how, as a financial institution, you should be dealing with them.

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Today's episode:

[00:48] Why I decided to make sanctions the focus of today’s episode.

[01:54] How sanctions are imposed.

[02:26] The two countries that are currently under sanctions, and why this is such a rare occurrence.

[03:47] Some of the reasons that specific individuals would have sanctions against them, and what these types of sanctions mean.

[04:55] An explanation and examples of the third category of sanctions: sanctions against groups or organizations,

[06:41] How sanctions against industries and commercial activities work.

[07:43] Why is it important to understand the different types of sanctions that exist.

[09:32] Some contradictions in the sanctions realm which can make the life of a compliance officer very interesting.

[11:00] My recommendation for dealing with countries, industries, people, or organizations that are under sanctions.

[12:16] How financial institutions should implement sanctions requirements from a technical standpoint.

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