Financial institutions face an increasingly complex sanctions compliance environment. Sanctions are increasingly emerging at the forefront of compliance agendas given the proliferation of new restrictions and counter-measures, together with increasingly aggressive enforcement action extra-territorially. This is impacting both financial institutions and their clients, leading to expectations for more robust compliance programs for both. This has been acutely felt most recently in the Middle East following the USD 100 million sanctions fine against a Dubai based bank, as UAE branches of global banks continue to face on-going monitoring from foreign regulators following settlements for past sanctions violations involving the payment of significant penalties.

To help consider the implications of this recent sanctions fine for the Gulf market, together with risk mitigation strategies more broadly, Baker McKenzie is pleased to invite you to an interactive webinar focused on sanctions compliance in the Gulf. Our panel will include partners from our UK, US and Middle East sanctions teams, and will discuss the following themes from the perspective of both lenders and borrowers:

  1. Implications following recent fines for sanctions breaches imposed on UAE based banks
  2. Recent sanctions legislative developments, including the UAE’s targeted financial sanctions regime
  3. Specific sanctions risks and obligations for banks and other financial institutions
  4. Compliance risk implications for corporate borrowers and issuers

For more information about the webinar and to register, please visit: Sanctions Compliance Strategies for the Financial Services Sector in the Gulf | Insight | Baker McKenzie

Author

Borys Dackiw has been a partner of Baker McKenzie since 1995. In 2008 Mr. Dackiw was appointed managing partner of the Gulf offices (including Abu Dhabi, Doha, Riyadh and Bahrain), coordinating the opening of the Abu Dhabi and Doha offices and the merger in the UAE with Habib Al Mulla in July 2013. Mr. Dackiw is head of the Compliance practice in the Gulf and also advises on mergers & acquisitions (including privatizations), private equity and general corporate and commercial law.

Author

Sven Bates is Of Counsel for International Trade at Baker McKenzie. He has spent the majority of his career at the Firm's London office, focusing on international trade compliance, trade remedies and anti-bribery. He has also practiced in Amsterdam and has previously worked for the European Commission and the Shadow Attorney General. Sven has extensive experience in particular in the financial services sector, and has undertaken secondments at a Tier 1 UK bank and the Lloyd's insurance market.