As the U.S. government continues to expand its export control measures, financial institutions are playing an increasingly critical role in identifying and mitigating risks associated with global transactions. On October 9th, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) issued important new guidance for financial institutions on complying with the Export Administration Regulations (EAR). This guidance underscores the increasing responsibilities of financial institutions in preventing export control violations, with a focus on suggested screening processes for customers and transactions, as well as enhanced due diligence.
In this webinar, Kharon’s Dane Shelly and BIS Assistant Secretary for Export Enforcement, Matthew Axelrod, explore the recent guidance for financial institutions and banks’ growing responsibilities in complying with export controls and managing risks in global transactions. The conversation covers practical steps for meeting the heightened responsibilities under General Prohibition 10, integrating EAR-related due diligence into compliance workflows, and the expanding role financial institutions play in supporting export control regimes.
Matthew Axelrod
Assistant Secretary for Export Enforcement,
Bureau of Industry and Security
Matthew S. Axelrod currently serves as the Assistant Secretary for Export Enforcement at the U.S. Department of Commerce’s Bureau of Industry and Security, a position to which he was unanimously confirmed by the United States Senate in December 2021.
In this capacity, Matt leads a cadre of special agents and analysts dedicated to a singular mission – keeping the United States’ most sensitive technologies out of the world’s most dangerous hands. Matt and his team help protect U.S. national security by enforcing the country’s export control laws. They work to prevent exports of sensitive goods and technologies that can be put to malign purposes like weapons-of-mass-destruction proliferation, military and military-intelligence applications, terrorism, and human rights abuses. They also work to ensure that U.S. persons do not participate in unsanctioned foreign boycotts. Matt also co-leads the Disruptive Technology Strike Force, an interagency law enforcement strike force that targets illicit actors, protects supply chains, and prevents critical technology from being acquired by authoritarian regimes and hostile nation-states.
Dane Shelly
Head of Asia, Kharon
Dane leads Kharon's growth strategy in Asia, where he manages sales, partnership and capacity building engagements throughout the region. His career spans nearly two decades working in the areas of sanctions, export controls, and economic security in both the public and private sectors. Dane has worked in Asia since 2015 as a U.S. diplomat in India and in senior compliance roles with Citibank, PayPal, and Standard Chartered in Singapore. Earlier in his career, Dane researched terrorism financing for the U.S. Defense Department and sanctions evasion for the U.S. Treasury Department Office of Foreign Assets Control (OFAC).