BOV webinar helps businesses navigate international sanctions
Bank of Valletta brought businesses together for a well-attended webinar to help them understand international sanctions risks and expectations, recognise warning signs, and make informed decisions. The session provided clear, practical guidance on international sanctions and financial crime prevention.
With sanctions affecting everyday business activities, from payments and supplier relationships to customer due diligence and international trade, the webinar explored their implications for organisations. Participants gained practical insight into managing risk, spotting potential concerns early and approaching cross-border business with greater confidence.
The webinar reflected the Bank’s commitment to mobilising its subject matter experts to help the business community navigate the complexities of international sanctions. Speaking at the webinar were BOV Chief Executive Officer Kenneth Farrugia and BOV Group Chief Anti-Financial Crime Officer and MLRO Ryan Caruana, who discussed the main highlights of what businesses need to consider as the financial crime landscape continues to evolve.
In his opening remarks, Kenneth Farrugia emphasised that sanctions affect both businesses and the wider community, even when they seem technical or distant from everyday life. Their effects can extend to international payments, commercial relationships, imports and exports, investments, and supply chains. Businesses may therefore need to establish who ultimately owns or controls a company, where goods are going, who will use them, and whether any parties are acting as intermediaries. “This is why awareness, thorough checks and responsible decision-making are essential. Compliance systems and screening tools play an important role, but technology alone is not enough. Individuals and businesses must be prepared to ask the right questions, obtain sufficient information and seek appropriate guidance whenever a transaction or relationship raises concerns,” he said.
Ryan Caruana answered questions from attendees, many of whom represented the business community. He encouraged organisations to monitor updates from the European Union, the United Nations, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), the Office of Financial Sanctions Implementation (OFSI) and the Malta Sanctions Monitoring Board (SMB). He also highlighted the importance of following geopolitical events, emerging sanctions risks and international developments that could affect customers, transactions or jurisdictions. Businesses, he explained, should understand the sanctions legislation that applies to them and maintain effective controls, including customer and payment screening, escalation procedures, risk assessments and staff training. Policies, procedures and screening systems should be updated promptly to reflect regulatory and legislative changes, with significant developments communicated to management and relevant stakeholders.
Mr Caruana added that sanctions compliance officers and MLROs play a key role in ensuring that institutions meet applicable requirements and avoid facilitating prohibited transactions or relationships. Their work also helps protect organisations from regulatory, financial and reputational risk.
Through webinars like this, Bank of Valletta helps businesses make sense of complex financial issues. Helping businesses feel more confident about recognising risks, asking the right questions and making informed decisions strengthens their resilience and helps safeguard trust in the financial system.
