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Sanctions screening is an integral part of the AML and transaction monitoring process for every financial institution and regulated business. But in addition to seemingly countless sanctions lists to be screening customers against, there are also competing regulatory regimes and each one needs to be considered carefully to avoid being hit with a hefty fine.
Politics are the driving force of every sanctions list and at their core sanctions are a political instrument used to compel other nations to change their behavior. We created this guide so your business can navigate the complexity of the sanctions landscape while still effectively serving your customers.
This ebook will cover:
- Four of the major sanctioning bodies worldwide
- What PEPs and RCAs are and how to handle them
- Common issues business face when doing sanctions screening
- What happens when sanctions screening fails to prevent a breach