055 - International Sanctions Basics

<p><span style="font-weight: 400;">Most people are aware of the seriousness of sanctions but don’t properly understand the nuances or the mechanics behind them, which leads to the formulation of a number of misconceptions. In today’s episode I’m going to shed some light on this topic, and by the end you’ll have a better understanding of the types of sanctions that exist, and how, as a financial institution, you should be dealing with them. </span></p> <p><span style="font-weight: 400;">If you found value in this episode, I would really appreciate if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies!</span> <span style= "font-weight: 400;">If you are on Apple, just </span><a href= "https://podcasts.apple.com/ch/podcast/compliance-that-makes-sense/id1535160531"><strong>click here to review</strong></a><span style="font-weight: 400;">, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. </span></p> <p> </p> <p><strong>Today's episode:</strong></p> <p><span style="font-weight: 400;">[00:48] Why I decided to make sanctions the focus of today’s episode. </span></p> <p><span style="font-weight: 400;">[01:54] How sanctions are imposed. </span></p> <p><span style="font-weight: 400;">[02:26] The two countries that are currently under sanctions, and why this is such a rare occurrence. </span></p> <p><span style="font-weight: 400;">[03:47] Some of the reasons that specific individuals would have sanctions against them, and what these types of sanctions mean. </span></p> <p><span style="font-weight: 400;">[04:55] An explanation and examples of the third category of sanctions: sanctions against groups or organizations,  </span></p> <p><span style="font-weight: 400;">[06:41] How sanctions against industries and commercial activities work. </span></p> <p><span style="font-weight: 400;">[07:43] Why is it important to understand the dif