The European Commission has introduced a new centralized resource to support small and medium-sized enterprises (SMEs) in navigating the complexities of sanctions compliance.
The EU Sanctions Helpdesk aims to assist SMEs in adhering to EU sanctions worldwide, helping to mitigate compliance risks and associated costs. With over 40 sanctions regimes in place globally, the Helpdesk provides tailored guidance to SMEs conducting due diligence—free of charge. The Helpdesk primarily targets SMEs, recognizing that they typically have fewer compliance resources than larger organizations.
It covers all UN and EU restrictive measures, equipping SMEs with the necessary insights to manage compliance challenges effectively and avoid missing legitimate business opportunities due to legal uncertainties.
This initiative includes a dedicated website offering sanctions-related information, country-specific guidance, events, best practices, and more. Currently, the Sanctions Helpdesk features two articles: one providing guidance on conducting sanctions due diligence (accessible here), and another outlining red flag indicators relating to sanctions risk (accessible here).
MK Compliance Limited can provide daily/weekly/monthly updates on sanctions, and AML regulatory developments. These updates ensure that you are kept informed about the latest regulatory changes, therefore ensuring comprehensive compliance.
In addition, we provide sanctions-related consulting services, including legal opinions, transaction reviews, screenings and background checks on your clients and related individuals/entities/counterparties, to ensure your business operations remain fully compliant with all applicable sanctions, mitigating the risk of breaches.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
