US banks were well-prepared for the Western sanctions announced so far over Russia's aggression towards Ukraine, but they are still nailing down details and worry that new measures could increase the cost and complexity of enforcing the new restrictions, lawyers and industry executives said.
US banks spent an estimated $35.2 billion on financial crime compliance - including sanctions, anti-money laundering checks and controls against other illegal activities - in 2020 alone, according to a LexisNexis survey.