By Darren Roiser King & Wood Mallesons’ London Office
In response to an unprecedented rise in the number of international sanctions and the increasing complexity of the restrictive measures imposed, recent years have seen corporates and financial institutions implement ever more advanced IT solutions to assist with sanctions compliance.
Indeed, enforcement authorities around the world now mandate the use of electronic screening and risk based compliance systems to ensure compliance and limit the risk of sanctions violations.
However, having spent many years putting in place robust compliance systems (at the centre of which are complex transactional and counterparty screening tools) businesses now seeking to deal with Iran face the prospect of having to unwind those same systems to take into account the fact that Iran may soon be open again for international business. Below we look at the impact that the lifting of sanctions may have on existing IT compliance infrastructure.
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