APC Compliance and Regulatory Services’ Post

𝗦𝗮𝗻𝗰𝘁𝗶𝗼𝗻𝘀 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲: 𝗨𝗽𝗱𝗮𝘁𝗲𝗱 𝗘𝗨 𝗚𝘂𝗶𝗱𝗲𝗹𝗶𝗻𝗲𝘀 EU Best Practices for the implementation of #sanctions is an essential document for economic operators dealing with sanctions compliance. This soft-law document isn't legally binding, but its clarity makes it a key guide for interpreting EU sanctions laws. On 3rd July, the Council of the European Union updated the previous version with critical changes ( 📃 https://lnkd.in/dv3pXJUg), including significant refinements to: 🔹 The #ownership principle 🔹 The #control principle Additionally, a new dimension has been added: 🔹 The “Acting on Behalf” separate notion The updated #Guidelines now also provide non-exhaustive practical examples of "control" situations, both legal and de facto. 👇We have highlighted for you the main changes in the visuals below. The #KLEPTOTRACE project will further assist you in deciphering the increasingly complex sanctions framework for compliance and investigations: 🔗 Access our advanced training on how to reconstruct complex ownership structures: https://lnkd.in/dH5EaDUc 📅 We are preparing a report on sanction circumvention schemes, to be published in December 2024. Stay tuned!

The Solicitors Regulation Authority #SRA updated its Sanctions Guidance The following changes were made: ➡️ Controls for all firms: New information on how firms may inadvertently become involved in a Sanctions regime; ➡️ Red flags for attempted circumvention: Updated red flags to include self-reporting responsibilities and the need to screen staff during onboarding; ➡️ Reporting requirements: New information on firms’ reporting requirements; and  ➡️ Licensing: Further information on staying compliant with licence responsibilities. All SRA-regulated firms, solicitors, registered European lawyers and registered foreign lawyers are expected to review the SRA Guidance and take any appropriate action in ensuring compliance with their Financial Sanctions requirements. Learn more: https://lnkd.in/eK-uJwwh

Join us on Wednesday 28th February at 12pm UK for our webinar: Global sanctions complinace in 2024🌍 All businesses must comply with financial and trade sanctions and companies must be able to prove that they are properly screening for sanctions. Failure to comply with screening requirements can carry stiff penalties reaching into the millions per infraction and any sanctions breach, even accidental, is a crime https://bit.ly/498ZzuG #compliance #sanctions #compliancewebinar

📣 UK OFSI Issues General Licence for Payments under Sanctions Act On July 1, 2024, the UK Office of Financial Sanctions Implementation (OFSI) issued General Licence INT/2024/4881897 under the Sanctions and Anti-Money Laundering Act 2018. 📜✔️ This licence allows UK Designated Persons (DPs), excluding those under UN obligations, to make payments to UK Revenue Authorities. Permitted Payments include taxes, duties, and penalties. The licence specifies reporting and record-keeping requirements for DPs and defines "Relevant Institutions" eligible to facilitate these payments. It emphasizes compliance with Autonomous Sanctions Regulations and took effect immediately upon issuance. Original source 👉: https://lnkd.in/gnWVVkh9 #UKsanctions #sanctionsupdate #sanctionscompliance #FinancialSanctions #GeneralLicence #DPs #OFSI

The 🇬🇧 UK has expanded its sanctions program, adding four new sectors to its scope. This critical development bolsters compliance frameworks and raises new considerations for businesses who now need to take managing sanctions risk, more seriously. In my latest article, I break down the implications of these updates and explore what they mean for the 'new' sectors navigating the evolving sanctions landscape. 📖 Read more here: https://lnkd.in/eyUk7Ci8 🔍 What challenges or opportunities do you foresee with these changes? Let me know in the comments! #Sanctions #Compliance #UKSanctions #RiskManagement

The Solicitors Regulation Authority (SRA) has ramped up sanctions investigations, reporting 22 cases in the past year — an increase from the previous period. John Binns of BCL Solicitors questioned the SRA’s involvement in sanctions enforcement, given that OFSI is the specialist authority. However, many argue that it's crucial for the SRA to ensure law firms are compliant, given their role in preventing illicit financial flows. As sanctions enforcement grows, law firms must strengthen their compliance programs to avoid scrutiny. https://lnkd.in/e4WF-fwD

The last two days I have attended a course at JUC about sanctions and compliance. The course provided insight into the applicable international laws and guidelines, which are essential for playing safely in a global market. Some of the topics we delved into were: 🔍 How to effectively screen and perform due diligence ⚖️ The legal consequences of violating sanctions 📊 Implementation of a sanctions compliance program Thank you to Jeff Nielsen, Anders Amstrup Fournais and Iris Kleinekorte for a relevant, exciting and well-planned course. #sanctoins #Compliance #Riskassesments #EUregulations #USregulations

Due to increasing geopolitical risks and rising regional conflicts, terms like divestment, de-risking, and disputes are becoming central themes in board and business meetings worldwide.   Join us for an insightful online webinar organized by the Association of Certified Sanctions Specialists where ACQUIS Partner Dr. Michael De Boeck will discuss strategies for businesses to divest from high-risk jurisdictions and manage commercial disputes arising from sanctions and protectionist trade measures.   💡 Participants will benefit from interactive sessions and case studies highlighting successful divestment projects and effective dispute-resolution techniques.   ⏩ Don't miss this opportunity next Thursday to learn how to identify and proactively manage divestment triggers, navigate regulatory approvals, and mitigate commercial disputes in a complex and evolving global business landscape. ⏬ Attendance is free of charge but registration is required via the below link.   _______________________________ Webinar Details: - Title: Divestment and Disputes Arising from Sanctions - Speaker: Dr. Michael De Boeck, Partner ACQUIS - Moderator: Tiffany R. CSS, Chapter and Sanctions Training Coordinator, ACSS 🔗 Register now: https://lnkd.in/eNTEC85H

🧠 Looking forward to presenting with Daniel Martin on the topic of "Financial Institutions & Sanctions Investigations - A Best Practice Guide - Learn Live". This hands on webinar will look at: 1️⃣ Key, practical aspects of an effective investigation 2️⃣ Legal and regulatory considerations 3️⃣ Sanctions in an FI context The link to register (paywalled) is below. #sanctions #financialinstitutions #compliance #investigations

🚀 Spot HERDEM Attorneys at Law at Spotify. Listen our previous webinar on OFAC De-Listing: The Ultimate Guide for Legal Professionals and Businesses. https://lnkd.in/deiepjpB Turkish Sanctions and Export Control Society #OFAC #DeListing #Compliance #LegalProfessionals #Businesses #WebinarRecording #herdem #blankrome #sanctions #compliance