23:08 24 March 2022
TMF Group exits Russian clients worldwide and maintains operation of Ukrainian team
TMF Group, a leading provider of compliance and administration services serving eight thousand clients in more than 85 jurisdictions, including two branches in Poland, based on the analysis of a global department led by a Pole, is ending its worldwide cooperation with clients with Russian UBO. At the same time, the company is not discontinuing the Ukrainian team, part of which, along with its children, has been relocated to Warsaw.
TMF Group helps companies safely invest and operate around the world. On the one hand, it secures companies – its clients – by ensuring that they meet the standards required of them by regulators in the country of investment. On the other, it acts as a safeguard for the jurisdictions in which it operates, ensuring that investors, their funding sources, and the structures they use are compliant with the law.
At the time of the TMF Group board's decision, a total of approximately 750 companies were subject to sanctions imposed mainly by the United States, the United Kingdom, and the European Union. TMF Group’s global compliance department headed by Polish Katarzyna Saganowska continuously monitors the sanctions list. Previously, TMF Group clients on the list were automatically terminated by the company.
(WBJ)
