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.
As of today, TMF Group decided to terminate cooperation with all the entities with a Russian UBO, even if they are not included in the sanctions list. At the same time, the company continues to operate its offices in Russia, which support clients from the United States, Europe and Asia in their activities in this market.
“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.” – said Mark Weil, CEO of TMF Group.
The Ukrainian branch of TMF Group also continues its work.
– Part of our Ukrainian team has decided to stay in the country and continue to work remotely when and where possible. We are in constant contact. In Warsaw we host some of our colleagues with their families who decided to leave Ukraine – says Joanna Romańczuk, Managing Director of TMF Group in Poland and Ukraine.
The company provided funds for Ukrainian employees and their families to live in Poland, organized a mini kindergarten in its branch and provided medical care, especially important for mothers who came to Warsaw with their children.