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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 and trade.
With regulators becoming more stringent, the exorbitant number of fines being imposed, and taking into consideration recent events, the importance of having a robust sanctions compliance programme which encompasses much more than sanctions screening, is not an option but a must.
Indeed, a sanctions compliance programme 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 programme will undeniably assist in preventing sanctions violations and strengthening an organisation’s overall compliance framework.
How can PwC help?
Our team of experienced and proactive experts can assist in protecting your organisation from the current and emerging sanctions risks in a number of ways across different sectors.
We can assist your organisation in developing a tailored sanctions compliance programme which will address legal and regulatory requirements and obligations and give your organisation the confidence and comfort to successfully carry out its activities.
We have developed a sanctions compliance programme based on the 5 core elements consisting of:
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;
- Tailored training sessions which will assist your organisation in understanding Malta's sanctions regime, the expectations of the regulators and how best to implement a functioning and efficient sanctions compliance programme;
- Independently testing your sanctions framework to assess your organisation’s efficiency in mitigating risks and to identify any operational weaknesses and/or deficiencies; and
- Assistance with remediating and improving your organisation’s internal controls pertaining to sanctions.
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