We recognize that the sanctions landscape is evolving and becoming more challenging and complex than ever before:
- Increasing globalization means financial institutions are generally exposed to greater sanctions risks, operational and oversight challenges, and obligations to comply with sanctions administered by multiple jurisdictions and agencies.
Regulatory scrutiny and expectations are increasing as evidenced by escalating fines and penalties, joint actions involving multiple federal, state, and local regulators, and high-profile enforcement cases.
When we talk of sanctions, the usual tendency is to focus solely on sanctions screening. However, the scope of sanctions regulations is far more reaching, impacting global operations, supply chains, payments, products and business projects.
Indeed, a sanctions compliance program serves as a comprehensive tool to assist an operation with its overall regulatory compliance and mitigating its risk of doing business with sanctioned parties which will ultimately lead to the creation of operational efficiencies. An effective sanctions compliance program will undeniably assist in preventing sanctions violations and strengthening an organization's overall compliance framework.
Our team of experienced and proactive experts can assist in protecting your organization from the current and emerging sanctions risks in a number of ways across different sectors.
We can assist your organization in developing a tailored sanctions compliance program which will address legal and regulatory requirements and obligations and give your organization the confidence and comfort to successfully carry out its activities.
We have developed a sanctions compliance program based on the 5 core elements consisting of:
Management commitment
Risk assessment
Internal controls
Testing and auditing
Training
As part of our services, we offer a sanctions compliance package to our customers which includes:
Drafting or review of your sanctions policies and procedures
Independent assessment of your sanctions framework to improve organization’s sanctions-related internal controls and to ensure the compliance with the leading global practices and applicable legislation
Assessment of sanctions screening efficiency
Tailored training sessions in sanctions compliance area
