In an FTF Exchange podcast, Max Lerner, vice president and global head of sanctions for State Street Corp., talks about how the ongoing flood of sanctions will keep him and his team a little busy.
Over the past four years, the Trump administration and the U.S. Congress have been formulating and sending along a steady stream of sanctions against several countries, companies and individuals, and that trend may continue regardless of the onset of a new presidency next year, says Max Lerner, vice president and global head of sanctions for State Street Corp. in its Corporate Compliance group.
Overall, the flood of sanctions has kept Lerner and his team a little busy.
Lerner, who is representing his own views and not those of State Street, agreed to participate in an FTF Exchange podcast. He is also taking part in FTF’s webinar, “Steering Clear of Sanctions Against China & Beyond,” Thursday, Dec.10, at 11 AM EST which is sponsored by SIX.
For banks and other financial services firms, the steady stream of sanctions “has been a continuing, escalating trend,” Lerner says.
Most recently, the focus has been upon China, which is engaged in a trade war with the U.S.
The sanctions effort against China “has been a continuing pressure and one that continues to build, one that does not let up either in the amount that we have to be doing or the complexity,” Lerner says. “These most recent sanctions that occurred [about three weeks ago] … were much more complex, I think than the ones we’ve seen in the past.”
While they cause lost sleep for staff at financial services firms, sanctions as economic and foreign policy tools have become very popular with the executive branch of the federal government and Congress. “I don’t expect that trend to abate,” says Lerner, about the incoming Joe Biden administration and the new houses of Congress.
In the podcast, Lerner also provides insight into:
- How financial services firms can keep up with the apparent flood of sanctions;
- Key areas such as virtual and digital assets, cannabis, and emerging fintech solutions;
- Pandemic-induced lockdowns and remote staffing as sanctions compliance becomes more challenging;
- And how emerging technologies might help
Max Lerner, along with Cassie Schock of BNP Paribas, Brian O’Toole of Truist Financial Corporation and Jeff Bellemare of SIX will be speaking on a live webinar this Thursday, December 10th titled “Steering Clear of Sanctions Against China & Beyond“.
Please be sure to click here to register for this event which will highlight the following:
- What is the likelihood that there will be sanctions policy changes coming from the U.S. government?
- What are the major steps required to clarify whether a firm is exposed via the securities of a blocked companies?
- What actions can a firm take when it becomes clear that it has exposure to a blocked entity?
- How can firms verify that they are not connected via securities to a sanctioned individual?
- What is a good strategy for staying on top of rapidly changing watchlists?
- What should firms do when authorities begin an investigation?