Secure Your Business: Effective Customer Screening Against Sanctions Risks

While the need to conduct adverse media, PEP and sanctions screening is primarily the focus of financial institutions (banks, fintech's, etc.), sanctions screening is a key element for any company to avoid fines, reputational damage, and sanctions-related regulatory violations.

Companies at increased risk of sanctions violations may include: 

Whilst manually checking the sanctions list can be a useful tool to ensure that a company is not doing business with a sanctioned entity, manually checking each customer is a much more time consuming and risky approach, as it's important to note that if a company is at least 50% controlled by a sanctioned entity/beneficial owner, the company itself may be considered sanctioned under EU, UK or OFAC regulations.