AML/CFT compliance obligations continue to create massive operational headaches for financial institutions. It’s not easy to navigate an increasingly complex regulatory landscape while also providing a seamless user experience for customers. But regtech solutions, which leverage emerging and innovative technologies […]
Economic sanctions are an important part of the global fight against financial crime, including money laundering and the financing of terrorism. In recent years, the number of economic sanctions in place across the world has increased significantly: in the United […]
In a nutshell, secondary sanctions are meant to enhance the effect of primary, or designated, sanctions, which target certain parties to bring about behavioral change. They are, in essence, an extension of those primary sanctions, as they are used to […]
Sanctions screening is integral to AML/CFT regulation around the world and vital in the fight against money laundering and terrorism. Sanctions breaches constitute serious offenses and can result in heavy penalty fines: accordingly, banks and financial institutions must check customers […]
Increased enforcement efforts are shining a spotlight on AML sanctions compliance. Financial institutions (FIs) are under pressure to elevate their game to keep pace with regulators’ demands while still providing their customers with exceptional service — which, in today’s world, […]
In recent years, government bodies have become quick to impose, lift or modify sanctions — sometimes within a few days’ or weeks’ time — to pursue their own interests. At the same time, the global economy requires a nuanced approach and, […]
European Union (EU) Sanctions List Economic sanctions are an essential part of the EU’s Common Foreign and Security Policy (CFSP) and are employed as part of the international effort to combat money laundering, terrorism financing and other financial crimes. To this […]
The United Nations is an international organization dedicated to promoting peace and security and sustainable economic development across the world. In pursuing those objectives, the UN works to combat financial crimes, including money laundering and terror financing, by imposing sanctions […]
Avoid a AU$450,000 Fine: Understand the DFAT Sanctions List The Australian DFAT Sanctions List plays a significant role in the fight against international money laundering and the financing of terrorism due to its influential economic and political powers. To curb […]
As one of the world’s largest economies and business hubs, the UK plays an important role in the global fight against money laundering and terrorism financing. Accordingly, the UK imposes financial sanctions against a variety of foreign targets that are […]
To ensure regulatory compliance, financial institutions are required to consult sanctions lists when conducting business with foreign customers. What is a sanctions list? Sanctions lists contain persons, organizations, or countries that are subject to economic sanctions issued by a government […]
In order to carry out its duties, the Office of Foreign Assets Control (OFAC) produces the Specially Designated Nationals and Blocked Persons list – also known as the OFAC SDN list. The OFAC SDN list represents an essential tool in […]
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