Sanctions Space
Gavin Coles and Kylie Oliver on the Australian Sanctions Perspective
Jul 19, 2024
Gavin Coles, Global Sanctions Officer at OFX, and Kylie Oliver, Senior Manager of Enterprise Sanctions Compliance at ANZ, dive into Australia’s unique sanctions landscape. They explore how indirect risks are evolving as other markets tighten sanctions on Russia. Kylie highlights the growing complexities that Australian organizations face, while Gavin calls for a strategic approach to navigate the intricate risk landscape. The conversation emphasizes the need for effective data management and proactive compliance to avoid vulnerabilities connected to secondary sanctions.
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Quick takeaways
- Australia faces unique sanctions challenges due to its limited experience with direct sanctions, necessitating a focus on indirect risk management.
- The complex risk landscape in Australia, characterized by its reliance on imports, complicates compliance amid evolving geopolitical tensions and sanctions regulations.
Deep dives
Challenges in Sanctions Compliance
Professionals express significant concerns regarding the rapid changes in sanctions regulations, leading to difficulties in staying compliant. The paramount issue is the increasing complexity and volume of sanction lists, which generates a high number of false alerts and necessitates improved screening methods. Attendees highlighted the ongoing challenge of effectively managing and reducing these false alerts while keeping abreast of global geopolitical changes that influence sanctions. There is a pressing need for organizations to adapt their sanctions programs proactively, as real-time events can alter regulatory landscapes and complicate compliance processes.
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