In “For Financial Institutions, Inadequate Sanctions Screening Can Be Risky” (19 August 2021, Thomson Reuters), Adam Frey highlights key challenges and best practices for adequate sanctions screening programs. According to Adam, “[The] biggest challenge facing financial institutions is the sheer complexity and variety of sanctions out there. . . . Not everyone can be a sanctions expert and no one person can keep up with it all, which is why it is so important for financial institutions to have an effective sanctions compliance program in place.”

Adam discusses some best practices, such as layers of accountability and regular training. Further, Adam notes, “At the end of the day, compliance can’t be all people or all technology, but combining the two is always a balancing act.”

Read the full article in Thomson Reuters.