The sanctions landscape has become increasingly complex and weakly aligned among different regulatory bodies. Consequently, recognizing the ultimate beneficiaries of payments is becoming more difficult and the risk of non-compliance with sanctions is increasing. Failing the sanction compliance represents a significant risk to the company including the reputational risk, frozen funds, funding cut, financial penalties and even legal proceedings.
There are numerous off-the-shelf solutions available on the market that can automatically detect a sanctioned entity as part of the master data management process and the payment process. Many of the solutions have machine learning capabilities that can improve straight-through processing.
Remarkably, the survey conducted by Zanders revealed that there are still companies that have no formal process nor written policy with regards to the sanction screening. Besides, only around 30% of the surveyed companies perform sanction screens during the payment process and even less than that use technology for the sanction screening process.
Given these results and the significance of the topic, we organize a Breakfast Session on Sanction Screening held on 16th April 2019 from 8.30 to 11.00 AM at Bel Ami, Bussum (Brinklaan 86). We would like to invite any treasurer or controller who would like to learn from peers and discuss their own experience to join this session.
Special guests Louise Vytopil (Senior Counsel Business Conduct at Royal FrieslandCampina N.V.) and Bas Duynisveld (Manager Business Treasury EMEA & North America at Akzo Nobel N.V.) will be sharing their experiences with sanction screening during the session. We will also introduce the topic and present the system landscape overview available on the market that supports the sanction screening process.