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Enhancing Compliance With Sanctions Screening Guidelines

In light of the complexity of international sanctions regulations, the Wolfsberg Group recently released revised guidance for financial institutions as they assess the effectiveness of their AML programs and sanctions screening controls.

Topics covered by the guidelines provided by these thirteen global banks include, “what is meant by sanctions screening, looking at both reference data and transaction screening, the timing of screening, technology and the use of automated systems, the criteria for alert investigation, as well as testing and quality assurance.”

How can financial institutions use these guidelines to enhance their program? In this webcast, Chad Shafferman, Head of Risk Proposition Specialists at Refinitiv and Andrew Simpson, Chief Operating Officer at CaseWare RCM, will review some of the points covered in the Wolfsberg document and provide concrete actions that financial institutions can take to improve the effectiveness of their sanctions screening program.

Topics covered in this discussion will include:

  • Where sanctions screening fits in a broader financial crime compliance program
  • What is the OFAC 50% rule and how to incorporate it into your program
  • Factors that impact the effectiveness of a sanction screening process and how to address them
  • How to adapt your sanctions screening program for changes in high-risk jurisdictions like Venezuela
  • Steps to improve the quality of alerts and reduce the time it takes to review them
  • What does good customer, third-party and transaction data look like and how can they improve investigations
  • How to leverage workflows, metrics and reporting to continually improve the effectiveness of the program
  • Things to consider when deciding the level of automation for sanctions screening

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This webcast is presented in partnership with