Our white paper discusses the nature and importance of financial and trade sanctions and sanctions screening.
Despite its simplicity, sanctions screening is complicated by multiple variables such as international languages,
culture, spelling, aliases, and technological limitations.
Sanctions are measures implemented by governments to restrict or prohibit trade with parties involved in illegal activities, while sanctions screening is a process that detects potential matches between organizational operations and global sanctions lists.
The text highlights the complexity of sanctions, distinguishing list-based or smart sanctions, which target particular persons, entities, and organizations, and secondary sanctions, targeting third-party actors. Additionally, challenges include the increasing use of sophisticated sanctions evasion techniques, such as the use of Virtual Assets, and a rapidly changing geopolitical environment.
The text highlights that all businesses, not just those in the financial services and fintech industries, need to comply with sanctions regulations and screening requirements. Non-compliance with sanctions can lead to hefty fines; in the U.S alone, OFAC‘s enforcement penalties reached $1.2 billion in 2019.
1. Understand how your organization is subject to Sanctions Screening requirements
Get ready to define relevant Sanctions Lists and Screening Approaches for your Business
Learn how to set up processes and tools for Sanctions Screening
remQ offers built-in controls - there is no need to spend months with setup and configuration. You get industry-leading controls with methodologies that the largest consulting firms rely on.
Please also consider: remQ is the fastest solution for SAP ERP and S/4HANA to control data and transactions in SAP and detect errors and fraud in procurement, accounting, inventory, sales, and other business areas.
Director Business Unit Risk & Compliance
Jens has 20+ years experience in SAP security, compliance and internal controls. He is an ex-auditor, always curious, willing to learn and to share knowledge. At VOQUZ Labs Jens is responsible for our risk and compliance products. He enjoys interacting with customers and finding quick and simple ways to improve our products to deliver value to customers. Pragmatic and customer-focused? Then Jens :)
remQ Business Inspector for SAP® Software offers innovative business transaction monitoring and auditing software with built-in expert know-how. 100++ controls and reports work out of the box when the software is installed and cover business areas such as procurement, order-to-cash, accounting, and inventory. Our software helps customers automate their SAP systems' controls, making systems and business processes more secure and less expensive.