Communicating Sanctions and Business Restrictions to China Businesses, Clients and Counterparties: Why You Should Use a Customer Assurance of Compliance

September 21, 2021 3:15pm

Guidette Laracuente
Head-Advisory -Legal and Compliance Department
Bank of China

Alice Rojas
Director, Deputy OFAC Officer
Societe Generale Corporate and Investment Banking – SGCIB

Paul Marquardt
Partner
Davis Polk & Wardwell LLP

  • Financial services KYC best practices
  • With a sale to distributor or reseller, ask for assurance that they will not sell to prohibited end user
  • Use certification, contract terms and conditions
  • Engagement with Chinese business partners (suppliers/vendors and customers)
  • Put company on notices that compliance is expected