Most people are aware of the seriousness of sanctions but don’t properly understand the nuances or the mechanics behind them, which leads to the formulation of a number of misconceptions. In today’s episode, I’m going to shed some light on this topic, and by the end, you’ll have a better understanding of the types of sanctions that exist, and how, as a financial institution, you should be dealing with them. 

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Today’s episode:

• [00:48] Why I decided to make sanctions the focus of today’s episode. 
• [01:54] How sanctions are imposed. 
• [02:26] The two countries that are currently under sanctions, and why this is such a rare occurrence. 
• [03:47] Some of the reasons that specific individuals would have sanctions against them, and what these types of sanctions mean. 
• [04:55] An explanation and examples of the third category of sanctions: sanctions against groups or organizations.  
• [06:41] How sanctions against industries and commercial activities work. 
• [07:43] Why is it important to understand the different types of sanctions that exist.
• [09:32] Some contradictions in the sanctions realm which can make the life of a compliance officer very interesting. 
• [11:00] My recommendation for dealing with countries, industries, people, or organizations that are under sanctions. 
• [12:16] How financial institutions should implement sanctions requirements from a technical standpoint. 

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