Financial Sanctions – Changes to Russia/Ukraine Regulations
Tue Mar 22 2022
Given the developing situation in Ukraine, the Central Bank will publish details of new restrictive measures/sanctions that are adopted as well as any associated EU/UN Guidance, on this page – Changes to Russia/Ukraine Regulations. This page provides updates on the financial sanctions being imposed.
Firms are reminded they must ensure that they are compliant with financial sanctions. This includes carrying out ongoing monitoring of transactions and customers. To ensure compliance with EU financial sanctions, it is necessary to monitor the EU Financial Sanctions lists
In the event that a match or a “hit” occurs against a sanctioned person, entity or body, the Firm must immediately freeze the account(s) and/or stop the transaction(s) and report the “hit” to the Central Bank of Ireland, using the Sanctions Return Form, along with other relevant information.
This Sanctions Return Form, and relevant information, should be reported by email to firstname.lastname@example.org
Before submitting the report to the Central Bank, Firms should take reasonable steps to ensure that the person, entity or body identified is the same person, entity or body as that listed in the relevant sanctions list (i.e. verifying the name with other identifying information).
For further information, please contact Brokers Ireland Compliance Support Unit email@example.com