United States

New Sanctions on Russia and Ukraine

Thursday September 11, 2014 11:00 AM - 12:00 PM EDT
From Advisory Institute

KPMG Advisory Institute

1.0

Event Overview:
Recently, the U.S and other governments around the world issued an escalating series of sanctions against persons, banks and companies in Russia and the Ukraine. Some of the sanctions – such as the recent “sectoral” sanctions, issued by the Office of Foreign Assets Control (OFAC) last month – are unprecedented. The sanctions make it unlawful for persons and companies to do certain types of business with those on the OFAC and similar lists. To complicate matters even more, under OFAC’s rules it is also unlawful to do business with companies that are 50 percent or more owned by those on the list, even if those companies are not, themselves, on the list. This creates substantial risk for companies operating internationally, and puts a premium on third party due diligence. These recent sanctions pose new challenges and risks. Join us as our panelists discuss how companies and financial institutions can address these changes and mitigate risk, including the use of robust third party due diligence tools. Panelists will include Laura Durkin, Managing Director, Compliance and Monitoring, KPMG LLP; Carrie Malachowski, Director, Investigations, KPMG LLP; Maura Rezendes, Senior Counsel, Allen & Overy (and former Chief in OFAC’s Office of Enforcement); and Charles Steele, Managing Director, Investigations, KPMG LLP (and former Associate Director for Enforcement at OFAC). Attendees who participate in the live broadcast of this audio webcast may be eligible to earn one CPE credit.