As the landscape of economic sanctions continues to evolve, financial institutions need to be proactive in their compliance efforts, prioritizing sanctions compliance and adopting robust measures to mitigate associated risks.
In the Journal of Financial Compliance, Amir Fadavi’s paper delves into the crucial role of sanctions screening, highlighting a practical three-step approach. The first stage considers whether sanctions screening is an appropriate control for an organization. The second stage is to choose how to implement screening, and the last one is to define all the actions that follow the screening. The paper goes on to discuss several technical aspects of screening, the role of sanctions risk assessments and how the output of sanctions screening can improve the quality of an organization’s sanctions compliance program.
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