The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
5/14/2022 READOUT : Deputy Secretary of the Treasury Wally Adeyemo’s Meeting with Foreign Financial Institutions | U.S. Depar… READOUT : Deputy Secretary of the Treasury Wally Adeyemo’s Meeting with Foreign Financial Institutions May 13, 2022 NEW YORK – Deputy Secretary of the Treasury Wally Adeyemo met with representatives from several foreign financial institutions at the Institute of International Bankersʼ (IIB) New York o ices today to discuss the unprecedented sanctions imposed on Russia for its war against Ukraine. Deputy Secretary Adeyemo highlighted the important work to date of financial institutions in implementing U.S. sanctions and emphasized Treasuryʼs focus on stopping sanctions evasion. He conveyed the risks of facilitating sanctions evasion, including the risk of sanctions exposure for providing material support to a sanctioned entity. As part of a riskbased approach to compliance, Treasuryʼs O ice of Foreign Assets Control (OFAC) expects all financial institutions to do their own due diligence to ensure they are not transacting with a sanctioned person. The Deputy Secretary heard about IIB Membersʼ e orts to improve sanctions implementation and ways in which they are adapting their business and compliance operations in response to the e ects of Russiaʼs war against Ukraine. https://home.treasury.gov/news/press-releases/jy0782 1/1
@FedFRASER