In late February 2022, the European Union, United Kingdom, and United States issued the first wave of sanctions against Russian banks and members of the Russian legislature. Australia, Canada among other countries have issued similar sanctions with additional restrictions and bans announced daily.
Sanctions limit where and with whom regulated entities can do business. Sanctions can be assigned directly or by extension as defined by the OFAC 50% and EU ‘control’ regulations.
The scale of the restrictions against Russia may present compliance challenges. Moody’s Analytics can help you assess and mitigate your exposure to sanctions. Our checklist provides steps you can take to comply with new sanctions.
Moody’s Analytics is the only provider combining timely sanctions data with ownership and control information. Updates to sanctions lists are processed and available to customers within one business day of publication. Moody’s Analytics GRID has seen a 22% increase in sanctions coverage since the start of the Russia/Ukraine military conflict.
Moody’s Analytics maintains the Orbis global company database of more than 425 million entities, including ownership, shareholder and control information. Our technology identifies individuals in the ownership hierarchy of your local entity so that you understand how sanctioned individuals and entities are connected through complex ownership structures. Doing so can uncover hidden risks in your customer and third-party networks. Firms are responsible for complying with sanctions by extension under the OFAC50% rule and the EU’s control rule.
Contact us today to review your sanctions screening process. If you need to assess your current risk exposure, we will work with you to complete a complimentary exposure check.