On 23rd July, Banking Technology published an article following recent cases where failures in sanctions screening has, at least, contributed to large fines and penalties paid by banks in the US – described as a clear wake-up call for anyone in the financial industry. It refers to the Wolfsberg Group guidance on sanctions screening, and guidance issued by regulators. Listing the “dos and don’ts” referred to in the title, it also cautions that screening goes well beyond a simple name matching process and requires examining data from widely disparate technologies and sanctions lists. It also says that screening must cast a wide net, meaning a wide range of lists, companies and individuals must be included to reduce the risk for an institution to an acceptable level – listing some of them, and saying using the OFAC list alone is not enough.
This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y