Kharon’s latest white paper, New Sanctions Designations: Effectively Managing Resources and Risk, outlines best practices for quickly responding to new - and increasingly frequent - sanctions actions.
Screening names and identifiers on the sanctions list alone is no longer sufficient to satisfy regulatory expectations. This paper highlights immediate actions for financial crime risk management in the wake of new sanctions designations, as relevant to the 50% rule and broader KYC, as well as other regulatory and reputational risk considerations.
In this paper we bring into focus the importance of going beyond the sanctions list for screening and due diligence in order to identify exposure to customers that present material risk considerations for the control framework. In particular we address the following risk, data and relationship types that can be surfaced within the first few days following each new designation:
+ Sanctioned-by-law holdings (50% or more)
+ Entity and identifier resolution
+ Units and branches
+ Other ownership or control
+ Significant commercial relationships
+ Evasion tactics
Kharon is a leading provider of research and data analytics, focused on global security threats and other controversies that impact global commerce and finance. Kharon's clients include first tier international financial institutions, global corporates, public sector entities and professional services firms. Kharon is headed by former senior intelligence officials from the U.S. Department of the Treasury, and experienced professionals in software development and data science.
If you would like to discuss how Kharon can support your business following a new designation or any of the information in this white paper, please contact email@example.com for more details.