International sanctions remains high on insurers’ agendas with increasingly detailed and complex sanctions regulations requiring sophisticated risk management and compliance mitigation techniques.
Most recently, we have seen the release of further guidelines by OFAC, the Department of State and U.S. Coastguard Agency to address illicit shipping and sanctions evasion practices. This Advisory majors on the practices that entities will often employ to hide their true identity and purpose and reiterates the need for insurers to have robust due diligence procedures in place throughout the insurance cycle.

It is therefore an apt time to update members on some of the complexities insurers may encounter in the identification of ownership structures and the risks and regulatory expectations associated with the industry and sanctions.

At this remote International Underwriting Association (IUA) market briefing event, our speaker will lead a discussion looking at some of the practical difficulties in identifying not only sanctioned entities, but the broader networks of other parties materially associated with them, and how these may be mitigated. He will do this via a broad overview of relevant sanctions measures, the work that Kharon undertakes on risk mitigation and a number of maritime case studies – related to Iran and North Korea – that Kharon has seen in its risk management assessments with market participants.