Staying Compliant With Russian Sanctions

  • Current Sanctions on Russia
  • Keys to Staying Compliant 
  • Keeping an Eye on the OFAC Barred List

The past few weeks have been riddled with constant updates coming from Ukraine after the Russian invasion began on February 24th. In response to the attacks against Ukraine, the United States has put out new sanctions that target Russian banks and freeze all assets that Russia has in the United States. 

In light of the Executive Order from the White House, the Department of Treasury’s Office of Foreign Assets Control (OFAC) barred U.S. financial institutions from processing transactions to five major Russian financial institutions, subsidiaries, or entities acting on their behalf. Has your broker-dealer brought this new development to your attention?

The Financial Industry Regulatory Authority issued an alert giving notice on the compliance obligations that have been triggered due to these new sanctions. With a number of banks and entities being added to the OFAC’s barred list, broker-dealers are going to have to intensify their review to ensure that no one on the OFAC list is in their customer base. Are you sure your broker-dealer is on top of the situation?

With technology and easier access to information, not complying and doing business with individuals or entities linked to Russian President, Vladamir Putin, could hold a huge reputational risk for a firm. With the sensitive nature of the issue, it’s better for firms to err on the side of caution and cover all their bases to make sure there’s no association between the firm and anyone on the OFAC list. 

While advisors are clued in on the situation given the ramifications that the conflict has had on the economy, they need to make sure their broker-dealer is taking proper action to stay compliant. If you’re not sure your firm is taking the right steps, or if issues of this kind have set your broker-dealer scrambling in the past, it might be a good time to explore your options and look for a new home for your business. 

3xEquity can help you find a new broker-dealer that fits your needs. Enter your practice data on our website and in a few days we’ll secure you multiple custom offers from top broker-dealers, all while staying 100% anonymous. Move forward with the confidence in knowing that your broker-dealer is always prepared and keeps you on the right side of the line.

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