Webinar Description
Key Takeaways
- Explores the impact of the UK’s new Regulation 17A, extending banking-style sanctions to cryptoasset exchanges
- Clarifies compliance obligations for both crypto businesses and traditional financial institutions
- Focuses on transaction monitoring, VASP screening, and reporting requirements to OFSI
- Addresses cross-jurisdictional challenges and risk management in the evolving sanctions landscape
- Highlights Elliptic’s role in providing compliance solutions and regulatory intelligence
The webinar “UK Sanctions and Russian Cryptoasset Networks: What You Need to Do Now” brings together compliance professionals and risk managers to examine the far-reaching implications of the UK’s recent Regulation 17A designations. For the first time, these measures apply banking-style sanctions directly to a cryptoasset exchange, signaling a significant shift in the regulatory environment for digital assets.
Understanding the New Sanctions Landscape
Regulation 17A marks a pivotal moment for the crypto industry, introducing obligations that mirror those traditionally imposed on banks. The new rules require organizations to freeze funds and report transactions involving sanctioned cryptoasset exchanges, regardless of whether they are direct counterparties. This expansion of scope means that compliance teams must now scrutinize a broader range of transactions and counterparties, increasing operational complexity for both crypto-native firms and established financial institutions.
Compliance Challenges and Practical Steps
Adapting to these regulatory changes demands a comprehensive review of existing compliance programs. The event delves into practical steps for transaction screening, VASP monitoring, and the timely reporting of suspicious activity to the Office of Financial Sanctions Implementation (OFSI). Attendees gain insight into how to identify and manage alerts involving sanctioned entities, close monitoring gaps in customer payments, and build a defensible compliance posture under the new regime.
Industry Context and Audience Relevance
The session is tailored for professionals navigating the intersection of crypto compliance and financial crime prevention. With regulatory scrutiny intensifying, the ability to respond to cross-jurisdictional sanctions and evolving enforcement priorities has become a core competency for compliance officers, risk managers, and regulatory affairs leaders. The event’s focus on actionable guidance and real-world scenarios ensures relevance for both cryptoasset businesses and traditional financial institutions.
Elliptic’s Role and Technology Solutions
Elliptic, as the event’s sponsor and technology provider, showcases its expertise in transaction screening, investigations, and compliance analytics. The session positions Elliptic as a trusted partner for organizations seeking to navigate the complexities of sanctions compliance in the crypto sector, offering tools and intelligence to support robust risk management and regulatory reporting.
Format and Experience
This live, virtual webinar features expert speakers from Elliptic, providing attendees with timely insights and practical strategies for adapting to the UK’s evolving sanctions framework. The interactive format encourages engagement and knowledge sharing among compliance professionals facing similar operational and regulatory challenges.