Sanctions Compliance

Sanctions have become an unavoidable facet of the modern global economy. For firms in the financial services sector in particular, navigating the shifting regulatory landscape can be a difficult task. With third parties, clients and staff all potential sources of non-compliance, organisations must remain vigilant at all times.

Ignore at your risk

The cost of failing to comply can be severe, both financially and in terms of reputation. Should a company find itself doing business with war criminals, rogue states or terrorists, for example, the cost of a sanctions breach can be substantial. The same can be said if an organisation is found to have done insufficient due diligence on its clients or customers. Entities in breach of US legislation may find the cost of non-compliance particularly high.

Be prepared

There is, frankly, no excuse for a lack of preparation. Companies must devote adequate resources to develop and maintain the right compliance framework. They must be able to move quickly to keep pace with the changing environment and devote the resources required to remain compliant. Organisations need to be dynamic and agile, since their obligations can change almost overnight. Compliance programmes should be tailored to an organisation’s culture and effective policies and procedures should be communicated from senior management and cascaded throughout the organisation.

Invest in awareness

This requires regular and comprehensive educational programmes for employees and third parties. i-KYC has developed a general introduction to sanctions compliance e-learning to help companies enhance the general knowledge and awareness about sanctions of their employees. Download the flyer to see more details.

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Download your personal copy of the sanctions compliance e-learning flyer

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