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What you need to know for sanctions compliance

Organizations are being held more accountable for getting sanctions screenings and due diligence processes right. And the penalties and reputational damage can be severe.

In the first seven months of 2019, the US Treasury Department’s Office of Foreign Assets Control (OFAC) issued around $1.3 billion in total penalties from 18 settlements. This number already surpassed the decade high of $1.2 billion from 22 settlements in 2014.

We spoke with three experts who share their top tips on sanctions compliance from banking, corporate and legal perspectives. They look at ways to:

  • maintain a robust compliance framework, make that framework truly operational and continue to develop processes as regulations evolve
  • meet the demands of a fast-paced compliance environment while keeping up with regulatory change
  • align the goals of a business with those of the compliance team and stay compliant across multiple jurisdictions
  • manage risk and promote accountability around sanctioned and sanctioned-by-extension entities

Knowing your supply chain and being able to identify sanctioned or sanctioned-by-extension entities is complicated and time-consuming. But having access to a comprehensive data resource is critical in increasing efficiency and effectiveness without bringing the day-to-day business to a halt.