Compliance Challenges and Management Strategies

Discussion series with L&M PRISK at Ost-Ausschuss der Deutschen Wirtschaft, CIRA and DIHK

The post-Soviet region of Central Asia, and here again especially Uzbekistan and Kazakhstan, has recently attracted increasing interest from German and Austrian companies. Besides the opportunities offered by the markets themselves, this is mainly due to the shift of trade flows as a result of the Ukraine war and the sanctions against Russia and Belarus. The establishment of new business partnerships and the shift of supply and distribution chains is accompanied by compliance challenges that have to be managed against the background of increasingly strict national and international compliance regulations.

Based on own project experiences in Central Asia and the South Caucasus, the discussion series provides insights into classic compliance challenges and management strategies. The presentations cover Uzbekistan (under Mirziyoyev), Kazakhstan (since Tokayev), all other Central Asian states (Turkmenistan, Kyrgyzstan, Tajikistan) as well as the South Caucasus (Azerbaijan, Armenia, Georgia). Trade partners in the region are traditionally closely linked to the ruling elites. Compliance challenges relate not only to informal practices prevailing in the region and their consequences, but above all to the breach of European or U.S. sanctions regulations. In the latter perspective, the close ties of local politicians and businessmen to Russia, to Afghanistan, and to Iran (for example, via Jebel Ali Free Zone) come into play. In this respect, the presentations will provide insights into which methods (KYC Analysis, Partner Monitoring, Compliance Documentation, etc.) should be used to manage compliance challenges according to methods of national/international common practice, so that business can use the opportunities these markets offer.

For more information, please contact L&M PRISK.