Date: Tuesday, October 8, 2024
Time: 9:00 AM
Location: Vienna, Austria
Toby Miarka will be attending and speaking on the following panel:
Sanctions compliance, technological solutions and keeping credit lines open: The journey so far (and to come)
The patchwork of sanction regimes targeting Russia has not only impacted European trade and finance linkages but has also accelerated the trend of bank derisking across Europe and Central Asia, with trade finance liquidity barriers and currency shortages becoming even more pronounced. As banks, corporates, shippers and others navigate a complex and often opaque framework for sanctions compliance, what steps can firms and financiers take to improve compliance and minimise regime violations? How can the region shed the perception of risk and what priorities can be set to safeguard future trade finance facilitation?
This session will consider lessons learned after nearly two years of sanctions compliance, looking at the impact of Anti-Money Laundering and Know Your Customer processes for financing trade, how banks, shippers and insurers have improved circumvention detection, and what further steps can be taken to ringfence working capital and trade finance facilities from future derisking.
The discussion will also assess the development of digital and technology-led solutions for screening vessels and wider compliance needs, including how developers are keeping ahead of emerging circumvention risk, and innovating client services for improved compliance and risk management.
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