Sanctions Risk Advisory
Sanction compliance is a dynamic process with the ever-changing nature of OFAC, UN, EU, and other countries’ sanctions and freeze-lists.
Financial Institutions should have policies and processes based on the sanctions risk profile. The policies should be based on multiple things including but not limited to; the regions its business is exposed to and business partners such as Correspondent Banks, vendors, and suppliers.
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Compliance to sanctions change as per
OFAC, UN, EU, and other countries’ sanctions and freeze-lists. Financial Institutions and Firms should revise policies and procedures based on those changes, Risk assessment can include inherent, perceived, and residual risks associated with given business activities and/or relationships in sanctioned jurisdictions or with potentially sanctioned entities.
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Services on Offer
Advisory on the country-specific governmental mandate pertaining to sanctions.
Formulation of policy to ensure compliance with applicable mandates
Setting up of Standard Operating Procedures and process to ensure compliance at all organisational levels
Risk assessment and Audit
Customized solution based on Organizational Operations and third-party relationships
Advisory on release of blocked funds from regulatory agencies like OFAC, EU etc.