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Banks Pinpoint Sanction Risks After Russia Clampdown

  • European, U.S. firms trying to untangle themselves from Moscow
  • Lenders expected to err on side of caution to avoid fines
Charles Delingpole in London, on March 2.

Charles Delingpole in London, on March 2.

Photographer: Hollie Adams/Bloomberg
Corrected

At a fintech company in London last week, algorithms fielded thousands of queries per second from banks and businesses trying to get Russian clients off their books.

ComplyAdvantage’s computers and human staff scoured 25,000 information sources, aiming to alert clients within 15 minutes of a new target appearing on the various government sanction lists drawn up since Vladimir Putin’s invasion of Ukraine. Algorithms searched for the names of Russian lawmakers, originally written in Cyrillic, and now in languages including Korean, Chinese and Japanese.