Regulatory Alerts2024-03-05 | C622C622 - U.S. Sanctions Guidance
The Cyprus Securities and Exchange Commission issued Circular C622 to alert regulated entities to the Office of Foreign Assets Control's Sanctions Advisory regarding transactions involving Russia’s military-industrial base. The regulator urges firms to integrate this guidance into their due diligence and risk-based controls to mitigate sanctions exposure. Additionally, CySEC expects entities to consider the OFAC SDN List in their risk assessments and take proportionate actions, such as refraining from engaging with affected persons or reporting blocked assets.
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