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Banks face new risks as US tightens sanctions on Russia
With no end in sight to Russia’s invasion of Ukraine, the conflict is likely to leave global banks vulnerable to the risks around economic sanctions and export controls for the foreseeable future. In a recent article by the Financial Times, Eric Young advises compliance officers at banks to co-operate with their counterparts around the world. “This is no longer a ‘nice to do’ but a must,” he stressed.
Eric Young
Senior Managing Director
Eric T. Young advises highly regulated organizations on reengineering compliance, ethics, and regulatory technology programs to enable reputable and sustainable business growth. He has deep regulatory experience having spent close to 40 years in chief compliance officer roles at some of the world’s largest institutions, including five global banks. Throughout his career, Mr. Young has remediated and transformed corporate compliance programs and financial crime compliance programs including sanctions; integrated compliance and ethics cultures between regions, countries and companies to ensure consistency across enterprises; built compliance budgets; enhanced reporting; created governance frameworks and risk assessment, monitoring and testing programs; closed compliance gaps; restructured compliance teams; and mentored junior staff to create a pipeline of future compliance leaders and enable grassroots compliance ideas, solutions and digital upgrades.
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