Morrison Foerster is an international law firm with lawyers practicing throughout the United States, Asia, and Europe. Click to discover more.

mofo_share_image.jpg

Morrison Foerster

favicon.ico

favicon-16x16.png

favicon-32x32.png

apple-touch-icon.png

MoFo Favicons

Terms / Notices

Cookies

Privacy Policy

Attorney Advertising

Secure Login

Alumni

  Facebook

MoFo Facebook

  Linkedin

MoFo LinkedIN

Twitter

MoFo Twitter

YouTube

MoFo Youtube

Morrison Foerster - Footer

You have not solved the recaptcha challenge yet or session expired, try again.

Disclaimer

Unsolicited e-mails and information sent to Morrison & Foerster will not be considered confidential, may be disclosed to others pursuant to our <a href="https://www.mofo.com/about/privacy-policy.html">Privacy Policy</a>, may not receive a response, and do not create an attorney-client relationship with Morrison & Foerster. If you are not already a client of Morrison & Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.

Feedback

mofo-logo-2022.svg

People

Capabilities

Resources

About

Culture

Offices

Careers

Stay Connected

John Smith was featured in the Thomson Reuters’ Regulatory Intelligence coverage of Russia’s potential to use cryptocurrencies to evade sanctions unleashed by the United States and its allies over Russia’s invasion of Ukraine, and how banks with crypto exposure should scrutinize new account openings tied to high-risk jurisdictions and focus on due diligence in transaction patterns.



Banks with Crypto Exposure Should Act to Mitigate Risk of Russia Sanctions Evasion – Experts 

About Morrison Forester

people-default-header-desktop.jpg

people-default-header-mobile.jpg

Default Meta Data

John Smith was featured in the Thomson Reuters’ Regulatory Intelligence coverage of Russia’s potential to use cryptocurrencies to evade sanctions unleashed by the United States and its allies over Russia’s invasion of Ukraine, and how banks with crypto exposure should scrutinize new account openings tied to high-risk jurisdictions and focus on due diligence in transaction patterns.The concern over the potential for crypto-based sanctions evasion is reason enough for financial institutions to take the risk seriously, John said during a webinar hosted by the New York chapter of the Association of Certified Anti-Money Laundering Specialists.“I think it’s an overblown concern,” John said. “But there is evasion risk in that area, so everyone needs to be concerned and everyone needs to recognize that because authorities will be more concerned about evasion risk in that area, the risks have increased.”He added that financial institutions and others engaged in crypto business “will want to do the same sanctions compliance and AML procedures that they’ve had so far and they’ll also want to focus on what may be originating in Russia, Ukraine, or Belarus, to the extent that they can tell, and anything that seems different in the last couple weeks.”

Banks with Crypto Exposure Should Act to Mitigate Risk of Russia Sanctions Evasion – Experts

Sign Up

John E. Smith

Partner

National Security, CFIUS, FARA, Sanctions + Export Controls