SAN FRANCISCO—The sanction warfare of the kind waged against Russia has fintech compliance teams “grappling with the sheer complexity,” fintech executives are reporting.
“Every fintech CEO at the moment is going to their compliance team to ask how the Ukraine crisis will impact them,” Charlie Delingpole, founder and CEO of reg-tech firm, ComplyAdvantage, told Altfi.com.
Firms are coping with the changes in different ways, with some choosing to outsource expertise to dedicated reg-tech firms and others suspending some services until the picture becomes clearer, he said.
“We’ve had sanctions before – with Crimea in 2014 – so fintechs have the controls and procedures in place,” Adam Jackson, director of policy at Innovate Finance, told Altfi.com. “What we haven’t had before is the sheer scale and the frequency of the updates.”
Digital finance and investment fintech, Dozens, announced last week that it was “turning-off outgoing international payments with immediate effect” to ensure “no money gets into the hands of sanctioned individuals or businesses,” Altfi.com noted.
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