ComplyAdvantage Releases The Evolving Use Of Sanctions 2022 Report

The first version of this report, published in August 2021, suggested that sanctions were becoming the most well-used tools in a western government’s diplomatic and coercive armoury. Those governments’ response to the Russian invasion of Ukraine in February and March 2022 has further evidenced that judgement, with an escalating set of financial and economic sanctions the primary measures applied.

The current political environment is ever more challenging for businesses and financial institutions with potential exposure to high-risk jurisdictions and activities. The rapidly shifting geopolitical landscape makes it difficult to keep up with new developments and more difficult to ensure that they meet their sanctions obligations as a result. Because of these complexities, the potential for risk exposure as it relates to sanctioned jurisdictions, individuals, and organisations may increase significantly for businesses that are under-informed.

“‘Sanctions have long been a tool of statecraft, but in recent years they have become more widely used, and with greater focus and nuance than ever before,” said Matthew Redhead, Associate Fellow, Royal United Services Institute. “Businesses need to understand their sanctions responsibilities to ensure not only to meet their obligations, but to play their role in helping prevent global dangers such as weapons proliferation, human rights abuse and corruption.'”

To address these key sanctions-related concerns,  The Evolving Use of Sanctions 2022 Report details critical geopolitical risks, sanctions evasion, and the development of national policies in major global financial centres.

Key highlights

• This 2022 updated report covers the major global changes that have taken place since our first report was published in August 2021, including:
  • Russia’s invasion of Ukraine
  • The Taliban takeover of Afghanistan
  • Stalled attempts to restart the Iran nuclear agreement

• The new report also includes Canada’s sanctions regime, and the influence of civil society & NGOs on sanctions
• Lastly, the report also reflects more widely on the heavy reliance on sanctions by Western powers in place of military intervention, and what this trend means for compliance professionals

“Our global sanctions report continues to be one of our most popular and well regarded in the financial services community,” said Charles Delingpole, Founder and CEO of ComplyAdvantage. “Unless you work at a company like ComplyAdvantage, it’s almost impossible to keep pace with the frenetic changes to sanctions happening around the world on a daily basis. That’s why we felt it was not only vital to our customers but also to our ecosystem that we share those valuable insights that we gather during our normal course of business. Our goal is to make sure our customers never have to worry about where sanctions stand at any moment in time.”

Already the preferred choice of some of the world’s largest banks, enterprises and high-growth fintechs, ComplyAdvantage uses machine learning and natural language processing to help regulated organisations manage their risk obligations and prevent financial crime.

About ComplyAdvantage

ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and detection technology. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 500 enterprises in 75 countries rely on ComplyAdvantage to understand the risk of who they’re doing business with through the world’s only global, real-time database of people and companies. The company actively identifies tens of thousands of risk events from millions of structured and unstructured data points every single day.

ComplyAdvantage has four global hubs located in New York, London, Singapore and Cluj-Napoca and is backed by Goldman Sachs, Ontario Teachers’, Index Ventures and Balderton Capital. Learn more at complyadvantage.com.

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