On the morning of September 10, 2024, Agribank organized a workshop on sharing experiences on sanctions risk management in international payment activities at the Head Office and online to connection points.

The workshop was attended by representatives of leaders and staff of a number of Departments/Centers at the Head Office and branches, and representatives from Wells Fargo Bank: Mr. Sudhakar Aduri, APAC Sanctions and Anti-Bribery & Corruption Manager; Mr. Robert Lin, Executive Director, Head, GTM Banks APAC, Global Treasury Management; Ms. Trinh Hoang Linh, Head of Wells Fargo N.A. Representative Office in Hanoi.

At the workshop, Ms. Nguyen Ngoc Hong - Deputy Head of the Financial Institutions Department emphasized the importance of complying with regulations on sanctions risk management in the context of globalization and increasing international sanctions. Agribank currently maintains cooperative relations with nearly 700 international banks, of which Wells Fargo Bank is an important strategic partner of Agribank in the US market. Agribank currently maintains cooperative relationships with nearly 700 international banks, of which Wells Fargo Bank is an important strategic partner of Agribank in the US market. Agribank and Wells Fargo Bank have had a long-term and strong relationship for more than 20 years. Currently, Agribank maintains relationships with the headquarters and 12 branches of Wells Fargo Bank around the world, which not only helps optimize international transactions but also enhances trust in global financial activities. Since 1998, Agribank has opened a USD Nostro account at Wells Fargo Bank and this is one of the most effective USD accounts, selected by Agribank as the standard payment instruction in FX, MM transactions for many years. Wells Fargo Bank is one of the partners that has provided Agribank with many diverse and quality products and services. The support from Wells Fargo has contributed significantly to improving service quality and better meeting the diverse needs of customers. Ms. Nguyen Ngoc Hong acknowledged the support and experience sharing from Wells Fargo, and expected the workshop to provide many useful lessons for staff in handling international transactions.

At the Workshop, Mr. Sudhakar Aduri provided insights into many hot topics in sanctions compliance for financial services. In practice, a number of transactions have been conducted and penalized for violating the sanctions regulations. Mr. Robert Lin, Executive Director, Head, GTM Banks APAC, Global Treasury Management, shared and updated information related to products and payment trends that Wells Fargo Bank is providing to partners.

The workshop was lively with questions and answers from branches attending online, creating opportunities for staff to exchange, discuss and learn more about practical solutions. Sharing from experts provided updated information, helping Agribank staff improve their awareness and skills in handling international transactions in an environment with trade sanctions.

The workshop ended successfully, providing a comprehensive view on sanctions as well as solutions in international payment activities. The knowledge and experience shared at the event will contribute significantly to improving the work of staff, contributing to the sustainable development of Agribank.

Kylie Nguyen