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Sanctions screening
Sanctions play an important role in the global economy being measures taken by governments and international organizations to restrict trade or financial transactions for political or security reasons. Institutions such as the UN, OFAC and the EU issue sanctions and restrictions to states, individuals or legal entities that are involved, or suspected of being involved, in illegal activities. According to the regulations, operators who hold a key role in combating financial crime must monitor their customer databases and transaction flows to detect possible violations.
The current world situation and ever-changing sanctions lists have made it increasingly difficult for companies to remain compliant with applicable regulations and control the risks related to its stakeholders. Screening internal data against relevant sanction lists can be a challenge, due to the large volumes of client and transaction data that companies process on a daily basis.
There is no “one-size-fits-all” solution for achieving sanction compliance that is appropriate for all institutions. Rather, the design and dimensions of a sanctions’ compliance program will depend on factors such as the nature of the business or the jurisdictions in which they operate. Deloitte draws its sanctions related competence from numerous previous client projects. In particular, we make use of our up-to-date understanding and new insights to evaluate how the sanctions compliance solutions of client companies compare to operating models that have been proven to work in different business areas and in different countries.
How can we help you?
We have a diverse team of specialist resources with deep knowledge of sanctions compliance assessment in order to serve you best.
Deloitte can offer sanctions support services to offer, for example, the following solutions:
- Investigation of backgrounds of individuals and companies involved in the business activities
- Testing and analysis of whether your sanction screening capability is appropriate considering your needs
- Insights about the effectiveness of your sanctions screening solutions and recommendation on possible improvements
