Tag: Sanctions

The war in Ukraine has underscored how quickly sanction and PEPs lists can change. Since 2022, the US, UK, EU, Australia, Japan and Canada have imposed over 16,500 sanctions on Russia, according to the BBC. The current turbulent geopolitical scene means financial services firms need to be ready for regular, and often sudden, changes to PEPs and sanction lists. FinTech Global recently spoke to several industry players to ask whether financial institutions are keeping up with the modern sanction/PEPs landscape.

In the intricate world of FinTech, the geopolitical landscape plays a pivotal role in shaping compliance and regulatory frameworks. The aftermath of the Russian...

As we step into the second month of 2024, financial institutions (FIs) and regulated entities face a future that is anything but certain. Following...

With the industry's focus on rapid growth and market domination, the critical role of risk assessment in preventing money laundering, terrorist financing, and other illegal activities is frequently sidelined. This negligence can lead to severe consequences, including regulatory fines and reputational damage, ultimately impeding a company's ability to compete.

Unsurprisingly, terrorism-related events, especially those connected with recent happenings in the Middle East, have been a dominant topic in news headlines globally.

In September 2023, the Financial Conduct Authority (FCA) provided fresh guidance about how to treat Politically Exposed Persons (PEPs). In response to this, businesses under regulation might find it beneficial to revisit their existing PEPs screening systems. This not only ensures alignment with the new directive but also makes certain that the screening process remains both effective and efficient.

RegTech firm Sigma Ratings recently provided a guide for companies to stay ahead of changing sanctions in the Canadian market.

The US and the UK have imposed sanctions on seven members of the Russian hacking group Trickbot, according to Finextra.

Global Screening Services, a sanctions screening platform, has scored £37m in its first funding round. 

Since the onset of the Ukraine-Russia war, sanctions have been in the news on an almost daily basis. Why is the screening of sanctions so important?