Risk Based Sanctions List Compliance


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A Free Executive Seminar
for the Financial Services Industry

Thursday, 25 May 2006
The Threadneedles Hotel, London

Sponsored by World-Check and Innovative Systems Incorporated

The new JMLSG guidelines place increased emphasis on Sanctions List Compliance, and the number of UK based individuals on sanctions lists has grown considerably.

The new JMLSG guidelines are underpinned by two major themes – that Executive Management will be held accountable for counter money laundering and terrorist financing measures, and that the measures should be risk-based. By “risk-based,” the guidelines indicate that the actions and resources put in place should be proportionate to the risk, based upon the nature of the client, transaction, and channel. Both the JMLSG and the FSA (in their recent letter to the JMLSG Chairman) recognise that, for the majority of counter money laundering and terrorist financing activities, a “zero-defect” approach is neither viable, nor conducive to good practice. However, when it comes to Sanctions List Compliance, although Executive Management are still accountable, a risk-based approach is not acceptable.

“It is a criminal offence to make funds or
financial services available to targets on the list maintained by the Bank of England.”
JMLSG Guidance Notes January 2006

“Sanctions List Compliance” is a seminar intended to show practical ways to implement List Compliance consistent with the client data volumes and resource constraints (IT, business, cost, and time) of each individual organisation. Using real case studies, this seminar will show that in some cases it is possible to outsource much of the activity without abdicating any responsibility or compromising effectiveness, whilst in other cases, fully integrated real time solutions are required. This seminar will also look at the pros and cons of utilising “free” lists versus “subscription” list services. It will look at ways of reducing the volume of false positives that need to be reviewed and increasing the productivity levels of reviewing cases.

Bringing together expert speakers from Data Management, list providers, and the Bank of England, this seminar provides a unique opportunity to understand the key challenges and outlines practical strategies for success.