In a recent episode of Payments Pros, leading legal practitioners and industry insiders Keith Barnett, Rich Zack and Christy Tuttle discussed the impact of U.S. government sanction programs on payment processors, banks, and the payments industry broadly speaking. The discussion is situated in the current atmosphere of sanctions in the payments industry.
The discussion also addressed the recent guidance issued jointly by the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC). This guidance provided important insights into the regulators’ expectations during bank examinations on matters of compliance. For legal professionals working in the banking and payment sectors, these developments should be of particular interest.
Under escalating scrutiny, payment processors, and banks face increasingly stringent stipulations to ensure adherence to regulations and imposed sanctions. Compliance officers, corporate counsels, and other legal professionals within these institutions should not underestimate the possible repercussions of non-compliance. With sanctions and regulations frequently evolving, it’s crucial to stay informed of the latest changes, expectations, and best practices.
Interested listeners can find the full episode on the Payments Pros podcast here.