Whitepaper Export Controls for Banks

Export control and sanction regulations are becoming increasingly complex. Added to which, their enforcement is stricter every day. This means that companies and banks are in substantial risk of being charged high fines as a result of violations. For this reason, supervisory bodies demand that they take proper measures. In response, Philip Sidney has developed a new approach, which it outlines in a white paper.
Every financial organization is required to prevent violations of export control and sanction regulations. However, the complexity and scope of these regulations makes compliance problematic. To make matters worse, these regulations are frequently modified while great many differences exist at the international level.

Philip Sidney combines legal and financial expertise. Its team consists exclusively of experts in the field of business operations, process architecture, and change management. They are professionals who have accumulated their knowledge in their previous work at supervisory bodies. Consequently, they know exactly what the regulations entail, how they are enforced internationally, what problems may arise and, more importantly, how such problems can be prevented. By providing insight into the possible consequences, they ensure that organizations take the right direction.

Export control and sanction regulations are closely interrelated. Both pose limitations on financial transactions, the export and transfer of data, technology, goods, and services to countries, entities, and persons. These regulations are intended to protect national and international interests in the field of peace, safety, and human rights. For banks, the export control and sanction regulations of the United States (US) and European Union (EU) are the most relevant. There are many similarities between regulations, partly due to the fact that they are based on international (non-proliferation) treaties and resolutions by the United Nations Security Council.

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