Effective Screening Controls for Sanctions Management

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End to end risk assessment, current state analysis

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Recommendation of a fit for purpose operating model

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Sanctions screening process management and optimisation

Challenge

For many financial institutions, addressing the issue of sanctions compliance is both a complex and labour-intensive task, and yet it is critical that compliance functions are able to fulfil an organisation’s legal and regulatory sanctions obligations. Although certain measures can be taken to identify existing connections with sanctioned individuals or entities, banks are required to have the necessary systems in place to ensure full awareness of pending transactions and facilitate a consistent approach to compliance management across its business. Following a number of audit failings in relation to sanctions compliance, a tier one Scandinavian bank approached us to support the design, delivery and execution of its Sanctions Compliance Programme (SCP).

Challenge

Solution

Albany Beck assigned a dedicated project team to our client. At the programme’s inception, this team worked closely with a number of the bank’s senior stakeholders and key compliance professionals to conduct an end to end risk assessment of the bank’s sanctions screening capabilities. Our comprehensive risk assessment provided a holistic overview of the sanctions risks faced across the organisation, enabling us to identify both emergent risks and control deficiencies. We made a number of recommendations to the business around its approach to sanctions screening and the potential implementation of a more appropriate screening tool which would enable our client to address the gaps and inefficiencies in its existing screening controls.

Solution
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Selection, implementation and delivery of a new sanctions screening tool

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Bespoke training programme to enable compliance with sanctions screening process

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Production of a detailed report to highlight the steps undertaken to fulfil sanctions compliance

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Adam Kelly

Director, Regulatory Practice

Adam Kelly