Earlier this year, the Solicitors Regulation Authority (SRA) highlighted the importance of compliance with sanctions, emphasising that firms must align their practices with the latest regulatory guidance and take proactive measures to identify and mitigate risks associated with financial sanctions. … Read More
Sanctions
Enhance business compliance with effective sanctions screening
In today’s business environment, compliance with sanctions regulations is paramount for organisations across regulated industries. Sanctions screening, a process aimed at identifying and mitigating potential risks associated with conducting business with sanctioned individuals, entities, or countries, is a crucial component … Read More
Navigating the complexities: solving the top challenges in sanctions screening
The primary objective of sanctions screening is to prevent transactions with individuals, entities, or countries that are subject to economic sanctions, typically imposed due to reasons such as terrorism, human rights violations, or nuclear proliferation. … Read More
Tackling global financial crime: the role of sanction screening in modern AML frameworks
At the heart of AML efforts is sanction screening. But what are sanctions, and why is screening for them so crucial? … Read More
Wired-In webinar: Navigating the global sanctions landscape in 2023
In a thought-provoking Wired-In webinar, we explored how to navigate the ever-changing global sanctions landscape in 2023. … Read More
What are sanctions and what do they mean for compliance?
As of April 2023, the UK government lists over 16,000 economic sanctions on individuals and entities. The type of economic sanction imposed can vary from assets being frozen, travel bans, trade embargoes, and financial restrictions. … Read More
Wells Fargo sanctions violations: key learnings for compliance
At the end of last month, Wells Fargo was slapped with a near $100m fine for its role in helping a foreign bank skirt US sanctions on more than half a billion dollars of transactions. … Read More
What PEPs and sanctions checks are mandatory in the UK?
PEPs and sanctions compliance is critical for UK-regulated firms to combat financial crimes. Mandatory checks involve enhanced due diligence, monitoring, and adherence to sanctions laws. AML software streamlines compliance, ensuring accuracy and ongoing vigilance. … Read More
This Month in Compliance: July 2022
Each month, we take a look at the latest compliance news and insights to keep you on top of what you need to know from across the industry. In July, momentum continued to gather behind the ‘metaverse’. At Money 20/20 … Read More
Why do businesses need to do KYC AML checks?
The UK enforces strict AML and KYC regulations, requiring businesses to verify customer identities and monitor transactions. Compliance ensures protection against financial crimes and avoids penalties, with automation improving efficiency. … Read More