STR: Suspicious Transaction Report Strengthening the Financial Frontline on Russia Trade Sanctions
May 23, 2025
Olivia Allison, an expert on Ukraine and financial investigations with the Centre for Finance and Security, joins Jinesh Amin from Quantexa, a specialist in financial crime and compliance. They dive into how financial institutions are adapting to sanctions against Russia, emphasizing the complexities and challenges of compliance. The conversation highlights the evolving expectations from governments, the need for better data tools, and the necessity for clearer communication between the US and Europe in combating sanction evasion.
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Banks' Expanded Sanctions Role
- Sanctions now require banks to monitor client trade activities, not just names on lists.
- This broadens their responsibilities to enforce trade restrictions effectively.
Rapid Sanctions Challenge for Banks
- Jinesh Amin recalls rapid changes in sanctions after Feb 2022.
- Banks had to swiftly update processes and manage complex compliance challenges.
Using Data Analytics Against Evasion
- Banks use advanced analytics and network analysis to detect sanction evasion.
- They connect disparate data to identify indirect links to sanctioned entities.