Sanctions Space Jessica Bartlett on Adapting to Evolving Sanctions Risks
Oct 14, 2024
Jessica Bartlett, Managing Director and Head of Global Financial Crime Legal at Barclays, shares her expertise on the rapidly changing sanctions landscape. She delves into how the sanctions environment has evolved over the last decade and the crucial connection between sanctions and export controls. Jessica emphasizes the need for a mindset shift in financial institutions to enhance compliance. She also discusses the role of technology in sanctions compliance, highlighting the need for collaboration between tech developers and compliance professionals.
AI Snips
Chapters
Transcript
Episode notes
Evolving Global Sanctions Landscape
- The global sanctions landscape has shifted from US-centric rules to complex multi-jurisdictional regimes.
- Economic warfare between large economies increases risk and complexity for compliance.
Export Controls Expand Impact
- Export controls have expanded from niche sectors to impact many industries including finance.
- Visibility into customer activities is key as evasion tactics resemble money laundering but require unique detection.
Mindset Shift Needed for Evasion
- Sanctions teams must shift from reactive interdiction to proactive investigative mindsets.
- Evasion is often detected after the fact, requiring collaboration with AML investigators accustomed to different priorities.