Explore AML & Sanctions Compliance Resources

Sentinence is a global AML and Sanctions compliance boutique advisory firm based in Canada and headed by Angela Chartrand, an AML, and Sanctions professional for over 30 years. We sat down with Angela and learned about her extensive experience, her views on the challenges and pitfalls of sanctions compliance, the latest developments, and the future of sanctions compliance.

Regulatory bodies play a critical role in establishing standards and guidance for Anti-Money Laundering (AML) compliance. These organizations help to protect the financial system from illicit use and promote national security by issuing guidance and best practices, providing tools and resources, and enforcing the law. In this article, we will look at two of the most well-known regulatory bodies in this area: FinCEN (the Financial Crimes Enforcement Network) and the Financial Action Task Force (FATF).

In the financial industry, ensuring the quality and integrity of data is essential for successful AML (anti-money laundering) compliance programs. Effective data quality and governance practices can help financial institutions identify and prevent money laundering, terrorist financing, and other financial crimes. Poor data quality can lead to missed red flags and false positives or negatives, while effective data governance can help financial institutions improve the accuracy and reliability of their AML compliance programs. By investing in data quality and governance, financial institutions can protect themselves and their customers from the risks of money laundering and other financial crimes.

The Russian invasion of Ukraine has led to a spate of sanctions imposed against the country. In August 2022, the Prime Minister of Australia announced that they would prohibit the import of Russian gold in order to reduce Russia’s ability to fund its invasion of Ukraine. This follows an earlier announcement that Australia will provide duty-free access to imports from Ukraine as part of its pledge to introduce enhanced market access to the nation.

The world has become increasingly digitized. As people continue to conduct business, shop, and operate online tools, a need for digital identifiers has emerged - just like identification and insurance numbers become unique identifiers used by virtually all organizations, from banking to healthcare.

The US employs economic sanctions through OFAC. But do these sanctions impact non-US citizens and businesses?