Business

TMF Group exits Russian clients

It added that given the ‘complex interplay between individuals, institutions and government in Russia’, TMF Group has decided to exit all work for clients with a Russian UBO

TMF Group has announced its decision to stop services to Russian clients.

TMF Group employs 9,100 experts operating from 120 offices in 85 jurisdictions worldwide that serve corporates, financial institutions, asset managers, private clients and family offices, providing the combination of accounting, tax, payroll, fund administration, compliance and entity management services essential to global business.

At the time of writing, around 750 such parties have been sanctioned, primarily by authorities in the US, UK and EU. The TMF Group said it has a global compliance team monitoring this daily and acting on sanctions against Russian individuals and organisations.

As parties are added to sanction lists, TMF Group added it will “immediately” suspend any service to them, pending a discussion with the relevant regulator and a process to determine the appropriate course of action.

It added that given the “complex interplay between individuals, institutions and government in Russia”, TMF Group has decided to exit all work for clients with a Russian UBO. That decision will now be worked through its global offices.

However, it added that the TMF Group offices in Russia helping North American, European and Asian clients will continue to maintain services to them.

Mark Weil, TMF Group’s CEO, said: “When regulators set new standards for the kind of clients and business they want to see come into their country, we are the primary way in which those standards are enacted. As such, we are both a first line of defence for our clients and for the countries we operate in. Our decision is an important signal of our intent to play that role to the full.”

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