With eCommerce continuing to experience exponential growth since increasing over 50% to over $870 Billion over the course of the pandemic (source), financial fraud and digital criminal activity have risen in tandem, posing a significant threat to financial...
Sanctions Update: Russia, Ukraine, and Global Uncertainty
The Update: What Happened?
Uncertain relations between Ukraine and Russia continue to affect many countries engaging in trade including Canada, the United States, the European Union, China, Iran, and Russia. Effective DATE, sanctions have been imposed and will continue by the largest countries doing trade with Russia; most significantly, the United States.
The Background: SWIFT Access Sanction – Russia’s Main Banking System
On February 26th, a call to action was imposed by the European Commission, France, Germany, Italy, the UK and the US to remove specific banks from the SWIFT (system that facilitates financial transactions and money transfers for banks located around the world) messaging platform. The agreement was imposed to break down Russia’s financial system, a method to further hamper the invasion in Ukraine. Additionally, any other banks will be affected as a German government source reported.
The Solution: How iComply Can Help
iComply Investor Services Inc. (“iComply”) is a global compliance software provider that helps compliance teams reduce the cost and complexity of KYC and AML operations while providing a seamless user experience to their KYC subjects. Compliance teams can configure and monitor KYC portals to securely gather, validate, and encrypt client data and documentation before it leaves their device
Our iComplyKYC solution enables access to the most up-to-date client data available and gain a more comprehensive view of risk related to each entity. It also uses AI and deep data analysis to identify new risks and sanctions within 17 minutes, enables management to visualize the volumes and bottlenecks in KYC and AML operations, and it reduces the operational cost of AML risk screening, record keeping, and reporting.
How can iComplyKYC screening help you enhance your sanctions compliance?
Our solution’s capabilities onboard natural persons, beneficial ownership, and legal entities data, saving your organization time and valuable resources. By using iComply’s platform, you can easily scan sanctioned banks listed by regulatory authorities.
Why is this important to my business/organization?
iComply is working with its clients to ensure they have their bases covered from an AML/KYC compliance perspective.
- Improve screening accuracy while minimizing false positives
- Stay on top of ever-evolving financial crime activity
- Ensures GDPR compliance so your organization does not risk being imposed with hefty financial penalties from regulators
- Do all your compliance checks and due diligence for you rather than using your own human resources or having to contract with multiple vendors