2022 Trust Forum Presentations

INTERNAL FR/OFFICIAL USE // SECURE EXTERNAL

BOARDOFGOVERNORS of the FEDERALRESERVESYSTEM

Sanctions Update

Presentation for Conference of State Bank Supervisors Trust Forum Jennifer White – Lead BSA/AML Policy Analyst Thomas Weldy – Senior BSA/AML Policy Analyst II

November 8, 2022

INTERNAL FR/OFFICIAL USE // SECURE EXTERNAL

Agenda

• Basic reminders • Trust considerations • Ukraine/Russia sanctions update

o General sanctions o Trust services ban o Secondary sanctions

o Seaborne Russian oil price cap • Instant payment guidance • Recent enforcement actions o Tornado Cash

o Bittrex o Nodus

11/3/2022

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