Matthew Long’s Post

View profile for Matthew Long, graphic

Global Head of Financial Crime Solutions, Financial Services and Government at Quantexa / Director of Quantexa Sarl

Uplifting sanctions/export controls and breaking anonymity A Canadian national and a New York resident pleaded guilty this week to conspiracy to commit #exportcontrol violations for their roles in a global procurement scheme on behalf of sanctioned Russian companies. Some of the electronic components shipped by the defendants were later found in seized Russian weapons platforms and signals intelligence equipment in Ukraine. According to the court documents the defendants allegedly conspired to ship more than $7 million in dual-use US electronics to sanctioned Russian companies, shipping the components through #frontcompanies in a number of countries, including Turkey, India, China and the United Arab Emirate from where they were subsequently rerouted to Russia. As this and other similar cases highlight, sanctioned parties and organized criminal networks are growing more sophisticated and increasingly aligned in their techniques every day. 🔦 Breaking anonymity and overcoming obfuscation remains critical The illicit usage of Shell/Front Companies, transactions and shipments to non-sanctioned countries and entities, the presence of underlying collusion etc. have all made risk management in this space increasingly difficult. This has put an unnecessary burden on frequently separate investigation and analyst teams within financial institutions to gather data and make the connections. However, by bringing together internal and external #KYC, #AML and #Sanctions data, intelligence and processes, Quantexa enables the comprehensive contextual monitoring of customers and counterparties throughout their entire lifecycle. This allows institutions to better identify and manage holistic risk, inclusive of sanctions and the presence of evasion techniques, including the illicit usage of shell companies, professional enablers and gatekeepers. To see how technology, combined with better data sources and focused typologies have changed the way institutions can break through the anonymity so essential for sanctions risk management, please reach out or take a look at the below. ➡ Breaking Anonymity Through AI: Sanctions, Shell Companies and Scandals (webinar on-demand) https://lnkd.in/ekZbvxDp ➡ Navigating Secondary Sanctions Risk: The Heightened Need to Mitigate Indirect Exposure (blog) https://lnkd.in/edJUtaMc   ➡ New FinCEN Advisory: Counter the Financing of Iran-Backed Terrorist Organizations (blog) https://lnkd.in/eEWhbhZp ➡ Navigating Global Sanctions: Technology Solutions for Asia-Pacific Compliance Challenges https://lnkd.in/e9APcbk5

New York Man and Canadian National Plead Guilty to Multimillion-Dollar Export Control Scheme Defendants Exported Millions of Dollars of Electronics Used by Russia in Missiles and Drones Nikolay Goltsev, 38, of Montreal, and Salimdzhon Nasriddinov, 53, of Brooklyn, New York, pleaded guilty today to conspiracy to commit export control violations for their roles in a global procurement scheme on behalf of sanctioned Russian companies, including Russian military companies. Some of the electronic components shipped by the defendants were later found in seized Russian weapons platforms and signals intelligence equipment in Ukraine. “The defendants shipped millions of dollars of U.S. electronics critical to the missiles and drones Russia uses to attack Ukraine, and they now face U.S. prison time for their scheme,” said Deputy Attorney General Lisa Monaco. “As Russia continues to wage its unjust war of aggression against Ukraine, the Department remains committed to holding accountable those who fuel Putin’s war machine.” Read more: https://lnkd.in/g5Cxvmnn

  • Press Release. New York Man and Canadian National Plead Guilty to Multimillion-Dollar Export Control Scheme. July 9, 2024.

To view or add a comment, sign in

Explore topics