Partner Andres Fernandez was quoted by BNamericas regarding the U.S. sanctions imposed on Venezuela in relation to its financial transactions. All of its U.S. based assets are frozen and companies working with President Nicolás Maduro's regime are at risk of sanction violations.
Mr. Fernandez is also on the Florida International Bankers Association (FIBA) Board of Directors.
"It's that not all activity in Venezuela is prohibited, although since August 5 it has been restricted significantly. Banks need to look internally. What is their Venezuela exposure? Is it an institution with a handful of customers that work with the Venezuela oil industry or is there a significant portion of deals with Venezuela and its government. Then they have to decide what internal controls and due diligence they need to develop to make sure that they don't process any transactions that are prohibited.," said Mr. Fernandez when asked about FIBA's response to its member institutions.
READ: The "Radioactive" Impact of U.S. Sanctions on Venezuela (subscription required)
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