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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

Sunny Mann is a Partner in Baker McKenzie's London office and co-leads the UK Compliance and Investigations Practice, as well as the UK International Commercial and Trade Practice. Both these practices are ranked Tier 1 by Legal 500 UK. He has also worked in our Firm's Washington DC, New York and Sydney offices. Sunny also advises many clients on risk matters in India. He advises clients (including numerous FTSE 100 and Fortune 100 businesses) on compliance and investigations with respect to export controls, trade sanctions and anti-bribery rules. The Legal 500 ranked Sunny as a “Leading Practitioner", and as "excellent", with a ‘calm’ and "very practical" approach. The India Business Law Journal also noted that Sunny is "excellent and has deep experience in India". He is a Visiting Professor at the College of Europe, the leading institute for post-graduate European studies, where he teaches a course on Corporate Compliance.

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. Borys regularly advises clients across various industries on their compliance and anti-bribery policies and programs and has participated in whistleblower interviews relating to allegations of bribery and other bribery-related investigations. He also works with in house legal teams of multi-national clients to deliver tailored trainings on anti-corruption issues, including legal developments and enforcement trends in the UAE. Prior to this appointment Borys, held the position of managing partner in the Prague (Czech Republic) and Kyiv (Ukraine) offices of Baker McKenzie.

Author

Terry Gilroy is a partner in the New York office of Baker McKenzie and a member of the Compliance and Investigations Practice Group. Prior to joining the Firm in 2018, Terry served as Americas Head of the Financial Crime Legal function at Barclays. Terry advises businesses and individuals on white collar and financial crime issues and has significant experience conducting investigations relating to compliance with the US Foreign Corrupt Practices Act (FCPA) and related bribery and corruption statutes, economic sanctions regulations as administered by the US Department of the Treasury's Office of Foreign Assets Control (OFAC), and the Bank Secrecy Act and related anti-money laundering (AML) regulations and statutes. Terry spent six years on active duty in the United States Army as a Field Artillery officer.

Author

Sven Bates is a senior associate in Baker McKenzie's London office.

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