For banks, sanctions-related enforcement actions and large financial penalties over many years have made clear the cost of noncompliance with sanctions obligations. While few, if any, sanctions practitioners in financial institutions are likely to say they are confident that their compliance programs are 100% effective, financial institutions at least have established frameworks and tools along with experienced subject-matter experts to address the challenges. Not all industries may be this well-positioned, and that makes them more vulnerable to potential violations.

In this whitepaper, we summarize five components of an effective sanctions compliance program and explore how companies can manage sanctions compliance risk.