Round the Clock Notifications The free Sanctions Alert Service (SAS) from AML Analytics provides details of real time updates to important sanction lists worldwide, allowing financial institutions to monitor sanction list changes as they happen.
The number of names on sanction lists around the world is increasing as more and more individuals, entities, countries, territories, vessels and aircraft are sanctioned. The BICs (Business Identifier Codes) of sanctioned financial institutions may also be included on sanction lists.
This means more official updates to sanction lists as new records are added and existing records are deleted or modified.
In 2018 the European Union and the Office of Foreign Assets Control (OFAC) added over 700 names to their official sanction lists in one single update after the US re-imposed full sanctions on Iran.
The ever-changing nature and complexity of sanction lists must be managed carefully by Financial Institutions.
Reduce Dependence on List Providers Financial institutions are continually at risk of using old data when checking customers and transactions against official sanction lists. If old data is used, there is a risk that names on important sanction lists are not being captured by screening system technology.
If this occurs, sanctioned individuals are then free to access financial services and products. Financial Institutions must therefore ensure that sanction list data received from list providers is current and that data in their Business As Usual (BAU) and User Accepted Testing (UAT) environments is regularly reconciled and updated.
AML Analytics monitors all significant sanction lists around the world for updates, additions and deletions. In January 2020 alone, our SAS service published 26 sanction alerts which provided details of over 300 additions, removals and modifications made to global sanction lists.