Sanctions Screening Market Insight Report
When it comes to filtering payments against sanctioned entities, banks today are finding themselves in a catch 22. As with most other forms of crime, sanctioned entities are averting prevention methods through increasingly more sophisticated approaches, designed to keep their
misconduct firmly under the radar. While banks are also advancing their own strategies to detect illegally moving money, simply preventing it from being laundered isn’t the only challenge they face.
The following list names just a few of the challenges facing banks today when it comes to sanctions screening:
- The rise of organized financial crime
- The threat of higher fines & higher profile penalties
- Increased regulatory demands
- Disjointed & ambiguous regulatory approaches
- Increased volumes that need to be scanned
- The need to manage multiple sanctions lists
- Restrictions of reduced or limited budgets
- Communication breakdown between bank subsidiaries & departments
- Inefficiencies in payments filtering operations
- The risk of human error in payments filtering
The issues listed above are all inter-linked. As the sanctions environment presents new and increasing threats, the regulators have to clamp down further with more stringent demands and higher fines. This means tougher regimes for banks to follow and a subsequent vast operational burden.
This report will explore these challenges in greater detail, before looking at how banks can best address them by increasing both their efficiency and their effectiveness.
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