top of page
Economic Sanctions
The sanctions environment is getting more complex with every passing day.  There are constant changes to sanctions lists. Banks need to follow multiple lists, and there are sometimes contradictions. It’s getting harder and more expensive to comply with international sanctions requirements.

​

Compliance with sanctions laws and regulations continues to be a major challenge for financial institutions, with many continuing to incur significant fines and reputational damage. As a minimum, adequate sanctions screening processes and controls must be in place but importantly, organisations must be able to demonstrate that their controls are working effectively. These processes and controls may be different to those in place for money laundering purposes, because compliance with sanctions regulations means that you also need to consider to whom payments are being made and whether funds are from an entirely legitimate source.

​

The number of global watch lists and sanctioned activities also continue to grow, as does pressure for financial institutions to extend their screening processes across their entire networks. In addition, sectoral sanctions, such as those targeting Russia and prohibiting certain types of transactions, complicate the task of distinguishing between approved and not-approved transactions.  

​

How can we help?

We are highly experienced in providing regulatory compliance services to global financial institutions, including a spectrum of services to support sanctions compliance objectives.​ Here are some of the areas we have worked in:

​

  • Alert investigation.

  • Governance and controls, including the design, implementation and testing of polices and procedures to meet OFAC, HMT OFSI and other regulatory requirements.

  • Risk assessments.

  • Sanctions filtering, including validation of sanctions screening systems.

  • Circumvention detection.

  • Lists, rules and configuration.

  • Remediation programmes in response to actual and suspected violations.

  • Look-back reviews.

  • Data analytics, including forensic analysis, investigations and advanced analytics.

  • Training and awareness.

​

bottom of page