Managing Sanctions Compliance in a Global Economy Part 2: Maximizing Automated Retroactive Screening

Download the white paper

Regardless of industry, companies have ample growth opportunities in today’s global economy—but with that growth comes an increasingly complex landscape of rules, regulations and compliance pitfalls. To navigate this high-stakes game of risk and reward, businesses need a measured, holistic compliance program that includes automated retroactive screening.

To help businesses understand how to strategically approach compliance, CSI’s Sanctions Compliance: Maximizing Automated Retroactive Screening white paper explores compliance challenges and provides recommendations for technology solutions.

As businesses onboard new customers or complete transactions, they are required to verify the legitimacy of those interactions through real-time watch list screening, confirming those with whom they are doing business are not illicit customers. But once a customer is cleared, the screening process is not necessarily complete. In the current compliance landscape, today’s legitimate customer might be tomorrow’s prohibited party—making retroactive sanctions screening a compliance expectation for all businesses.

While real-time sanctions screening is a frontline defense for many industries, it only provides a one-time look at a customer’s or vendor’s status as an approved or prohibited party. Since that status could change, an automated compliance solution that not only looks backward when watch lists update but also manages voluminous customer databases quickly and accurately is critical.

From automating the process of rescreening across disparate lines of business and transaction types to reducing false positives, businesses are faced with many complex compliance challenges that require modern solutions. Effective retroactive sanctions screening is key to a robust compliance posture, allowing businesses to maintain a high level of risk mitigation and a superior customer experience.

Read CSI’s Sanctions Compliance: Maximizing Automated Retroactive Screening white paper to learn more about why automated retroactive monitoring, along with real-time screening, are two essential elements in developing a holistic compliance program.