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What will 2023 bring to KYC and sanctions checks?

Feb 28, 2023

In light of the war in Ukraine, AmCham organized a webinar in Connect with AmCham series in partnership with Ellex Klavins devoted to KYC sanctions checks on business partners and clients. The discussion was joined by experts Sabīne Janisela, Head of Sanctions Division, Ministry of Foreign Affairs and Paulis Iljenkovs, Head of Strategic Analysis Division of FIU Latvia. It was moderated by Marta Cera of Ellex Kļaviņš.

Sanctions or restrictive measures against Russian and Belarusian businesses and individuals raise multiple challenges for businesses in the Baltics and Europe. It is relevant to react promptly and catch up on what is required by the different sanction regimes, the sanctions’ formulation, and how they apply to a particular business, business partner, or concrete transaction.

Marta Cera, Co-Head of Finance & Tax practice, Senior Associate and Attorney-at-Law of Ellex Klavins gave an update on the recent sanctions network and informed that EU approved 10th package of Russia sanctions on the anniversary of the Russian invasion in Ukraine. Two main sanction sectors are divided into targeted sanctions set against individuals and sectoral or economic sanctions on Russain and Belarus including the ban on import from Russia and on export to Russia. There are also vast sanctions on financial access related to capital markets, issuance of loans, and several prohibitions on SWIFT and EUR currency. There are also sectional measures on new investments in the energy sector as well as the aviation sector, freight operations and ports.

The new 10th package includes tighter export restrictions regarding dual-use goods as well as measures against entities supporting Russia’s war, including spreading propaganda in support of the invasion and delivering drones used by Russia to attack Ukraine. Three Russian banks have been added to the list of entities subject to the asset freeze and the prohibition to make funds and economic resources available. The new package also imposes import bans on the following Russian high-revenue goods: bitumen and related materials like asphalt and synthetic rubber and carbon blacks.

THE PRESENTATION BY MARTA CERA OF ELLEX KLAVINS

About the Speakers: 

Marta Cera, Co-Head of Finance & Tax practice / Senior Associate / Attorney-at-Law, Ellex Klavins
Marta is an attorney-at law and the co-head of the banking and finance team at Ellex Kļaviņš. Marta holds a Certified Anti-Money Laundering Specialist (CAMS) certificate from the Association of Certified Anti-Money Laundering Specialists (ACAMS) and advises clients on AML/CTF related matters. Marta also advises clients on regulatory matters in the field of banking & finance in relation to capital markets, AIFMD, MiFID, PSD, and other EU and local regulatory frameworks and has notable experience in assisting major international clients in a wide scope of cross-border structured financing transactions and significant cross border M&A/private equity transactions.

Paulis Iljenkovs, Head of Strategic Analysis Division, FIU Latvia
Paulis has 6 years of experience in AML/CFT and sanctions compliance, having worked as a lawyer at Deloitte and since 2019 – at the Financial Intelligence Unit (FIU) of Latvia. At FIU, Paulis leads strategic public-private partnership (PPP) and sanctions-related projects. He is a member of the Steering Group of the Europol Financial Intelligence Public Private Partnership (EFIPPP). He has a Master’s degree in law and is currently pursuing a PhD in law with a focus on international sanctions. He is a Certified AML Specialist (CAMS) and Certified Global Sanctions Specialist (CGSS).

Sabine Janisela, Head of Sanctions Division, Ministry of Foreign Affairs 
Career diplomat and lawyer with experience in international law and with more than 5 years of experience in sanctions policy. Author of the Law on International Sanctions and National Sanctions of the Republic of Latvia, in 2018-2020, member of the delegation of the Republic of Latvia before the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval) and the Financial Action Task Force. In 2020-2021, diplomat at the Embassy of the Republic of Latvia to the People’s Republic of China.

Connect with AmCham webinar series are aimed at facilitating knowledge exchange among our members and partners on various timely topics. Webinars are usually hosted by an AmCham member in cooperation with external experts.

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