How can you effectively manage your organisations relationships effectively making sure you are not exposing your organisation to additional risks?
For Financial institutions ensuring screening both prospective and existing customers against global and local Sanctions watch lists is a key control in ensuring your organisation is not breach of sanctions policies.
As an organisation grows ensuring your organisation is able to effectively screen
Ensuring your organisation is adhering to Sanctions policies has become a key requirement in ensuring your business is compliant with sanctions regulations.Financial institutions must screen existing and potential new customers and involved parties against multiple internal, external, domestic and international sanctions lists and PEP lists for matching persons, legal entities, countries or PEPs.
Sanctions and PEP screening is notoriously prone to high false positive alerts due to the number of lists, spellings, multiple aliases, and different global character sets. Institutions struggle to effectively process the sheer volume of alerts to ensure investigators correctly identify a person or company on a sanctions or PEP list.