Russia and Ukraine: how private banks can mitigate risk associated with clients
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About the Event
The Ukraine crisis is sending shockwaves through the private banking and wealth management ecosystem. Incumbents are winding down business in Russia, ramping up focused support for clients across the globe and managing their Russia-related risk. With global sanctions ratcheting up on the Russian Federation, economic shockwaves are being felt throughout the global financial system bringing with it challenges in due diligence and KYC processes. Economic and political uncertainty now requires a heightened level of due diligence with legal, ethical and moral considerations for real fact finding rather than a simple tick of a box. On a global scale, private banks are now addressing and closing out pre-existing obligations to manage their Russia-related risk; acting as a custodian to clients, as well as protecting their workforces and justifying their decision making. Having a clearer understanding of their client base can help simplify this process and at the same, protect both their assets and individuals. Although wealth managers and private banks are used to operating in different jurisdictions and complying with applicable regulations, the continued complexities of doing business with KYC, AML and a moving sanctions list is not without its challenges and risks. Hosted by PWM in partnership with FACT, this 50-minute webinar will bring together leading private banking executives to discuss strategic and regulatory insights that can guide current and future decision-making, limit the reputational and compliance risk caused by the crisis that will mitigate future challenges. Chaired by Yuri Bender, editor in chief of PWM, our panel of expert speakers will look to cover the greatest challenges in due diligence and risk management strategies for the future.