Effective Sanctions Screening Process: A Case Study on Exiger's Solution
Technology Category
- Cybersecurity & Privacy - Identity & Authentication Management
- Cybersecurity & Privacy - Security Compliance
Applicable Industries
- National Security & Defense
- Retail
Applicable Functions
- Quality Assurance
Use Cases
- Leasing Finance Automation
- Onsite Human Safety Management
Services
- System Integration
- Training
About The Customer
The customers in this case are businesses that are involved in international trade and are therefore subject to sanctions. These businesses need to ensure that they are not inadvertently doing business with entities or individuals sanctioned by the government. They need to comply with sanctions lists to avoid costly fines and reputational damage. These businesses may be operating in various sectors and may be of different sizes. They may be dealing with different types of sanctions, including embargoes, trade restrictions, and financial sanctions. These businesses need to have an effective sanctions screening process in place to ensure compliance with sanctions and to avoid potential penalties and fines.
The Challenge
Sanctions are economic pressures used by governments and international bodies to protect security interests and international law against aggressive actions or threats to international peace and security. They can be imposed for various reasons, including anti-money laundering, financial crimes, human rights violations, terrorism, invasion, and proliferation of weapons of mass destruction. Sanctions can significantly impact businesses, especially those that rely heavily on international trade. They can disrupt supply chains and make it difficult or impossible to do business with certain countries. With geopolitical risk growing in many parts of the world, sanctions are becoming increasingly common. Businesses are responsible for sanctions screening and ensuring their compliance, and choosing not to do so can be costly. For example, BNP Paribas, France’s largest bank, was fined $9 billion for violating US sanctions against Iran, Sudan, and Cuba. Complying with sanctions lists is essential because it helps ensure that businesses and legal entities are not inadvertently doing business with entities or individuals sanctioned by the government.
The Solution
Exiger’s ScreenIQ offers sanctions screening and adverse media monitoring technology that is proven to make life easier for risk management and compliance teams worldwide. Implementing an effective sanctions screening process can help your organization avoid running afoul of sanctions and facing severe penalties. This process involves determining high-risk operations, prioritizing data organization, prioritizing relevant data elements, setting up screening intervals, and checking compliance against relevant sanctions lists. A well-organized screening system for storing and accessing your data will make screening for potential matches against sanctions lists much more effortless. As you develop your screening process and identify screening requirements, it will be essential to prioritize relevant data elements. This will help you focus on the information that is most likely to be associated with sanctioned individuals and entities and ensure that your process is as efficient as possible. Screening intervals should be based on various factors, including the type of sanction being screened for, the country or region involved, and the level of risk associated with the transaction. Checking compliance against these lists can be a complex and time-consuming process, so it is vital to have a robust system and employee onboarding to do this effectively.
Operational Impact
Quantitative Benefit
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