Issue 585 (Week ending 07/06/2023)

Following on from the events in Europe last year, 2023 has continued to see a large volume of updates to the Financial Sanctions and PEP lists.

With 5 months into the year, the CBI alone have published over 110 Sanction updates, with many more coming from the US and other regulatory bodies.

The objective of each update can often be to expand or refine the scope of the Sanctions; often bringing additional individuals, companies and activities in scope.

While this is a dynamic area, we'd like to assure you we are working hard to ensure profiles are updated as quickly as possible and available through your account to assist with your AML and Sanction compliance.

How Can Vision-net help?

With the level of changes above, many clients have asked us to run a fresh batch check of their customers against the latest Sanctions and PEP lists. If it's a requirement for your business, we can help you easily and quickly identify if companies in your supplier or customer portfolios are showing directors currently listed on the latest Sanction lists - saving you substantial time and manual resources.

Our compliance solution can extract the Directors from your supplier or customer portfolio working from just company names. From there, we can match and cross check the Directors, Secretaries and Shareholders against the very latest PEP's and Sanctions covering 150 regions including EU, UK, UN, US Treasury, Security, State, and Unilateral Sanctions and defence trade controls. We can also run credit risk mitigation screening.

This report can then be delivered back to you in a dedicated secure area on CRIFVision-net (DigitalHub) to enable future on-going monitoring or if you prefer, it can be sent in a file ready for import into your internal systems.

You may also find our AML report on companies helpful when seeking to identify and check for the Ultimate Beneficial Owner of entities to see if they can relate back to PEP's or Sanctioned individuals. This can be also included in any batch checks run.

If you currently have a Vision-net account, and would like to activate our person monitoring service in order to stay up-to-date with the latest PEP/Sanction changes, please don't hesitate to contact us on Tel: 01 903 2660, or email us at solutions.vision-net@crif.com.