On April 25, 2022, the European Union (EU) updated its frequently asked questions (FAQs) on deposit acceptance concerning sanctions following Russia’s military aggression against Ukraine. This comes after the EU has adopted a number of Council Regulations that prohibit certain activities with Russia and Belarus.
Most recently, the EU prohibited investment funds from selling euro denominated transferable securities, among other products, to any Russian national or natural person residing in Russia or any legal person, entity, or body established in Russia. All of this means that EU financial organizations and investment funds will have to expand and update their Anti-Money Laundering (AML) and Know-Your-Customer (KYC) operations, processes, and procedures.
Check out the Council Regulation here:
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0833-20220316
Check out the EU Russian Sanction FAQs here:
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