{"id":9200,"date":"2023-08-11T23:14:20","date_gmt":"2023-08-11T23:14:20","guid":{"rendered":"https:\/\/mysourcefunding.com\/leadership\/what-can-companies-learn-from-esports-executives-about-issuing-global-payments\/"},"modified":"2023-08-11T23:14:21","modified_gmt":"2023-08-11T23:14:21","slug":"what-can-companies-learn-from-esports-executives-about-issuing-global-payments","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=9200","title":{"rendered":"What Can Companies Learn From Esports Executives About Issuing Global Payments?"},"content":{"rendered":"
\n

By Benjamin Raizel<\/p>\n

In an increasingly globalized marketplace, mistakes in payment compliance can cost companies millions.<\/p>\n

Over the last quarter, federal regulators slapped several major corporations with seven-figure fines for allegedly violating U.S. sanctions, an indication that the Treasury Department could continue to step up enforcement of its sanction regime in the upcoming year.<\/p>\n

In April, Microsoft paid more than $3.3 million in fines after the Treasury Department\u2019s Office of Foreign Assets Control (OFAC) uncovered some 1,300 alleged violations of sanctions against Russia, Cuba, Iran and Syria.<\/p>\n

Swedbank paid $3.4 million in June after its subsidiary was found to have allegedly completed nearly 400 transactions to clients in Crimea. Regulators found that the Swedish bank had violated U.S sanctions after using American corresponding banks to process the transactions.<\/p>\n

In May, the skincare company, Murad was fined $3.3 million for allegedly exporting goods and services to Iran. Murad applied for licenses to conduct global exports, but OFAC claimed it did not receive an application for Murad\u2019s business with Iran.<\/p>\n

<\/fbs-ad><\/p>\n

For companies domestically and around the world, violating international sanctions regimes \u2014particularly those imposed by the United States and European Union \u2014 can carry significant consequences that impact more than just the bottom line.<\/p>\n

Swedbank fired its CEO after OFAC announced its fine in April. One month later, the chairman of the board, Lars Idermark, resigned. At Murad, the former senior company executive who signed agreements with the Iranian distributor paid $175,000 in fines to OFAC.<\/p>\n

It is not just multinational corporations and banks that must navigate the complexities of conducting business and issuing payments around the world.<\/p>\n

Any company engaged in international commerce runs the risk of violating, perhaps inadvertently, the array of sanctions cast against foreign governments, financial institutions, and individuals. It has become increasingly common for small and medium-sized enterprises (SMEs) to do offshore clerical tasks. But can a small business in California pay a web designer in Cuba without committing a crime?<\/p>\n

And it\u2019s not just sanctions that companies need to consider. Tax codes and currency restrictions can vary considerably between countries. Understanding compliance in Brazil is extremely challenging in comparison to the United States, and as global payments increase, how can companies remain up to date with regulations?<\/p>\n

The answers can sometimes be murky. For many SMEs, addressing these questions often involves retaining attorneys or sanction risk consultants at considerable fees.<\/p>\n

Business leaders in one unlikely sector, however, have amassed a wealth of experience in contending with these challenges.<\/p>\n

How can companies prepare for a shifting global economy? <\/strong><\/p>\n

If there are any executives who understand the difficulties of issuing payments in a global marketplace, it\u2019s those who have worked in esports.<\/p>\n

Esports is a rapidly growing business. Players compete in hundreds of competitions, some with prize pools of up to $9 million, and log in from around the world. To facilitate these tournaments, esports companies must confront currency exchanges and regulations on a global scale.<\/p>\n

Han Park is the CEO of Payment Labs a company that helps tournament organizers issue prize payouts that comply with tax and financial requirements. Prize payouts usually differ significantly depending on where recipients are located.<\/p>\n

\u201cSending payments to individuals all around the world is complex and highly regulated because you have currency related issues, anti-money laundering regulations, tax complications, data privacy and security laws, and methods of payments,\u201d Park said.<\/p>\n

So how does a company combat all these possible violations?<\/p>\n

Trust the Experts<\/strong><\/p>\n

Understanding arcane regulations and engaging international bureaucracies can often lead to mistakes and information lost in translation. For a company like Murad, missing signatures from one executive proved costly.<\/p>\n

\u201cJust like when companies hire law firms, and are deeply methodical in finding the best firm, companies should be very intentional when choosing what systems to assist in navigating anti-money laundering regulations and data privacy concerns,\u201d he said.<\/p>\n

Promote Compliance, Educate Employees, and Update Platforms <\/strong><\/p>\n

Businesses should constantly update their sanction compliance programs and educate employees on transactions to flag.<\/p>\n

Park recommended implementing know-your-customer policies, identity verifications and real-time tax ID checks to ensure payees meet requirements.<\/p>\n

\u201cThese systems make our solutions easy-to-use for both the business and its payees, while mitigating risks and challenges that are usually associated with business-to-person payments,\u201d he said.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Benjamin Raizel In an increasingly globalized marketplace, mistakes in payment compliance can cost companies millions. Over the last quarter, federal regulators slapped several major corporations with seven-figure fines for allegedly violating U.S. sanctions, an indication that the Treasury Department could continue to step up enforcement of its sanction regime in the upcoming year. In […]<\/p>\n","protected":false},"author":1,"featured_media":9201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[76],"tags":[],"class_list":{"0":"post-9200","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-leadership"},"yoast_head":"\nWhat Can Companies Learn From Esports Executives About Issuing Global Payments? | Brandiary<\/title>\n<meta name=\"description\" content=\"By Benjamin Raizel In an increasingly globalized marketplace, mistakes in payment compliance can cost companies millions. 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