Strengthening the Financial Frontline on Russia Trade Sanctions
STR: Suspicious Transaction Report
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Navigating the Challenges of Sanctions Compliance
This chapter explores the financial sector's response to Russian trade sanctions, focusing on the challenges faced by banks in meeting compliance expectations. It highlights the complexities of adapting compliance systems, the limitations of existing detection methods, and the dynamic relationship between banks and governments in enforcing sanctions. The discussion emphasizes the necessity for enhanced data tools and proactive strategies to effectively manage the risks associated with sanction evasion.
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