The European Commission has updated its guidance on sanctions compliance and due diligence requirements, specifying new obligations for banks and clarifying requirements for trade in common high priority (“CHP”) items, according to new FAQs published on 11 December.
Banks processing payments must now actively screen transactions, with the guidance noting that “compliance with trade-related sanctions is not limited to the operators initiating such trade (e.g. exporters, brokers...), but is also a...
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