The Laundry28 Nov 2022

E40: How Danske Bank keeps up with the evolving sanctions measures.

The financial frontline of Russia's war in Ukraine runs through the offices of overworked sanctions officers at banks and financial institutes everywhere.

It's the bank's job to freeze the accounts and assets of sanctioned individuals, and the pressure is colossal. If you get it wrong or act too slowly, the impact on a bank's brand and bottom line will be felt for years to come.

So how is one of the largest Scandinavian banks keeping up with the ever-evolving sanctions measurements?

We invited Amalie Korning Wedege, the head of sanctions and FCC focus areas at Danske Bank, to understand how they adapt, operationalise and keep up with the sanctions legislation.

From this episode, you'll learn:

01:23 - 06:15: What has happened in the invasion's aftermath, and what is the current regulatory focus?

06:16 - 08:29: How has Danske Bank effectively implemented, operationalised and adapted to the ever-changing sanctions?

08:30 - 10:49: Six important steps Danske Bank has implemented internally.

10:52 - 13:31: What have been the most challenging parts?

13:31 - 16:31: Counterparty screening is a huge topic. How is Danske Bank ensuring its methods include counterparties and the "full picture"?

16:32 - 19:47: Examples and potential indicators of sanctions evasion.

19:49 - 21:27: Now, ten months after the Russian invasion, what have been the main learning points for Amalie?

21:28 - 22:50: Technology, has it been a friend or foe?

22:51 - 23:20: How has the "tone from the top" been like at Danske Bank?

23:21 - 24:47: What's next? And what trends does Amalie see coming in 2023?

24:48 - 26:26: Amalie's best tips to young professionals who are just starting out in compliance.

Tune in and enjoy!

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