What is SDN in AML?

Gafi money laundering

The consequences of being found guilty of sanctions non-compliance are severe. Some major financial institutions have been sanctioned with multi-million dollar fines and settlements with U.S. and U.K. regulators for sanctions non-compliance.

Insurers are also concerned about the impact of sanctions violations. Lloyd’s of London examined the issue following suspicions that some members may have breached international sanctions through insurance and reinsurance contracts. In turn, increasing pressure is being placed on exporters of products and services to ensure that they do not expose their creditors and insurers to sanctions risks.

Sanctions as a regulatory compliance issue came to light when several international companies were identified by the UN as having failed to comply with sanctions against Iraq under the Oil-for-Food program. Numerous oil and gas utilities, infrastructure and engineering companies were consequently prosecuted and convicted of sanctions non-compliance.


Compliance DivisionAGENTE DE CAMBIO CIBAO EXPRESS S.A., (ACCE) anti-money laundering compliance program is a system consisting of several layers of information technology, and is based on information gathering, communication, and disclosure, which reflects our commitment to compliance with all federal and state requirements. Our sophisticated systems are recognized by regulators and independent examiners.

– Agent and employee training program. Communication of key aspects of state and federal regulations, including Section 31 of the Bank Secrecy Act, and U.S. Patriot Act, as well as ACCE compliance policies and procedures. Annual training of all employees and agents.

CMT and ECE adheres to a “zero tolerance” policy for any act of non-compliance or circumvention of procedures and regulations. The policy is reinforced through continuous training and communication with all employees, agents and correspondents.

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Updated ofac list 2020

InstantWatch AML provides automatic surveillance against money laundering and terrorist financing. An intuitive system that complies with the third and fourth EU anti-money laundering directives.

InstantWatch AML is a powerful platform dedicated to automated surveillance and compliance and is the market leader in Northern Europe. InstantWatch AML analyzes the flow of a number of financial transactions and issues alerts based on a system of configurable rules. The AML module provides automatic surveillance against money laundering and terrorist financing.

The system’s automatic monitoring module performs advanced pattern analysis of each transaction. InstantWatch AML contains all types of alerts required by financial institutions based on the situations specified in the third and fourth EU Directive on the prevention of money laundering, as well as other laws and regulations. The user can configure alert trigger values and set thresholds in real time.

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The onus often falls on FIs to uncover any links between sanctioned entities and potentially related securities, which can involve a significant data challenge.

The complexities and widespread use of today’s sanctions regimes have raised expectations that financial institutions will adopt and implement a sophisticated “risk-based” approach to sanctions compliance, which now relies on much greater use of data to identify hidden risks than ever before. necessary.

This was highlighted by the Wolfsberg Group in its January 2019 guidance on sanctions screening, which aimed to help financial institutions assess the effectiveness of their sanctions screening controls.

Today, pure name screening may no longer be sufficient to detect sanctions risk. In its guidance, the Wolfsberg Group highlighted this shift to a more data-driven approach to sanctions enforcement, discussing the process of determining sanctions-relevant attributes in “benchmark data.”

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