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Evolving Sanctions Landscape and its impact on AML Compliance. Executive Briefing – Lloyds of London – 29 th February 2012. Dan Mendelsson; Solution Specialist. Jeremy Doyle; Content Integration Specialist. 2011 - Arab Spring. 2012 - Syria. 2012 - IRAN.

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Evolving Sanctions Landscape and its impact on AML Compliance

Executive Briefing – Lloyds of London – 29th February 2012

Dan

Mendelsson;

Solution Specialist

Jeremy Doyle;

Content Integration Specialist

slide6
Attractive growth opportunity has transformed to a damage limitation exercise

15% of the $1.5 trillion deposited from the region in foreign bank accounts is generated from corruption*

Calls to recover public assets stolen by corrupt politicians

The Arab Spring – Ramifications

*Source: MyPrivateBanking - Switzerland

today s evolving sanctions landscape
Today’s evolving Sanctions landscape

Arab Spring: new sanctions regimes introduced or extended overnight

New US Executive Order targeting Syria quickly followed by new EU and Swiss sanctions

Aggressive US enforcement of CISADA sanctions regulations against Iran

Sanctions requirements growing in scope, complexity and size, extending to a range of state controlled companies:

  • - Banks and insurers
  • Petroleum companies
  • Shipping companies
  • - Industrial conglomerates
state owned entity information for aml ctf screening
State-Owned Entity information for AML/CTF screening

3,500+ state-owned companies from Libya, Iran and 7 other jurisdictions

~ 40% of these companies are not yet on sanctions lists

Includes profiles of companies fully or partially-owned by sovereign wealth funds

  • New “Enhanced Country Risk” category that identifies companies associated with governments from sanctioned jurisdictions
sanctions compliance and vessel information
Sanctions compliance and vessel information
  • Imo
    • Ships lists specifically on OFAC list; details now included in details of EU sanctions targets
  • Identification of sanctions risk is a specific compliance challenge
    • Flag, Name and other identifying features may change
    • Complex/paper-based Trade Finance documentation
  • Concern that Iran is circumventing sanctions régimes by re-naming and reflagging vessels
  • International Maritime Organization (IMO) number is a unique characteristic of a vessel
    • IMO remains constant; valuable as the compliance key to identification of sanctions risk
increasing cost of sanctions compliance
Increasing cost of sanctions compliance
  • Regulatory developments are adding to the existing pressures faced by compliance departments
  • Compliance Consequences
        • More risks to be identified & managed
        • Significant and sustained operational impact
        • Increased visibility and accountability to senior executives
        • Threat of substantial penalties and reputation damage
  • So how are institutions managing?

Achieving Global Sanctions Compliance: Challenges and Solutions

hmt screening chinese language names
HMT screening & Chinese language names

In-Jaw Lai

賴英照

=

Ying-Jaw Lai

Yingzhao Lai

Difficult to screen OFAC lists against names data in Chinese script

  • Many ways to transcribe Chinese characters into Roman scripts
  • Taiwan had 4 different official standards in 10 years
  • Unofficial standards are common
introducing dow jones risk compliance
Introducing Dow Jones Risk & Compliance

Objective: To be a leading provider of risk identification information and research services that protect our customers from regulatory, commercial or reputation risk

Anti-Money Laundering

Anti-Corruption

Anti-Fraud

Payments

Identify

Investigate

Monitor

Data

News & Analysis

Research

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Closing thoughts

  • The adoption of Sanctions as a means of political and economic influence is on the increase.
  • Such increases are putting additional pressure on regulated organisations with increased work load and desire for more resources at a time of austerity.
  • Using the correct type of sanction content for specific business needs is an effective way of improving operational efficiency with out jeopardising compliance integrity.
  • Businesses with exposure to China or those looking to expand into this region are now seeking support with the challenges associated with Chinese Commercial Code and sanction screening of transactions.
connect with us
Connect with us
  • Jeremy Doyle
  • Content Integration Specialist
  • jeremy.doyle@dowjones.com

0203 217 5135

  • Dan Mendelsson
  • Solution Specialist
  • Daniel.mendelsson@dowjones.com

0203 217 5281