Sanctions screening explained

Want to know more about sanctions screening and how it should integrate with your AML process? Read our guide below.

Understanding the complexity of sanctions screening

Sanctions are constantly evolving, governments are becoming more aggressive with using them as a political tool on the global stage, and they’re issuing harsher penalties for those who fail to enforce sanctions then ever before.

Regulated companies need to make sure that they’re meeting the demands laid out by OFAC, the UN, the EU and others such as OFSI to avoid fines, enabling the financing of criminals and terrorists, and to prevent losing access to key currencies for business operations.

Sanctions are a decree by a government or intergovernmental body that prevents nations, entities, industry sectors in a nation, or individuals from accessing regulated financial services. The aim is largely political, exercising soft financial power to try and compel specific actions such as the reduction of a nuclear program, withdrawal from a warfront, to release prisoners, or many other political objectives.

Keep reading to find out

There’s far more to the world of sanctions screening and every element of it deserves examination. Every sanctioning body has specific requirements and there are dozens of lists that need to be monitored. Find out more on the world of sanctions by clicking through the section below.

Explore sanctions screening:

Why sanctions screening matters

This process is vital to preventing financial crime and avoiding harsh penalties. Sanctions screening means complying with the political objectives of various governments and international bodies. It's necessary to do if your business wants to operate in those jurisdictions.

Dollar hegemony affects everyone

Uncover the need to always copy with OFAC. The financial system is global and runs on the US dollar. Following OFAC's sanctions is a necessity, but do those sanctions have any impact on their own?