This webinar co-hosted by CryptoUK and Crystal Blockchain on 31 October 2023 brought together industry experts and compliance professionals for an in-depth discussion on the effectiveness of sanctions in the crypto space.

Moderated by Su Carpenter, Director of Operations at CryptoUK, the panel featured insights from Nick Smart (Crystal Blockchain), Arun Srivastava (Paul Hastings), Scott Sarsam (EY), and Ankit Shah (EY). The discussion explored whether sanctions against crypto assets are truly effective, given the continued operations of sanctioned entities like Garantex and the unchanged payment behaviour of illicit actors.

Key topics included sanctions enforcement by the US Treasury’s OFAC, the role of pre-transaction screening in compliance programmes, and how exchanges can prepare for evolving regulatory obligations. The session provided valuable guidance for crypto exchanges navigating compliance challenges, emphasising the importance of robust sanctions screening and proactive risk management in an evolving regulatory landscape.