SWIFT has released a paper from Regulation Asia which says that independent testing can serve as a functional, scientific and transparent approach to bolster the effectiveness of sanctions screening systems.  Regulators expect financial institutions to be able to demonstrate that their sanctions screening systems are configured and working correctly.  The report examines why financial institutions that have not yet put effective sanctions testing systems in place should do so, and how they can benefit.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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