About Course
Course Overview: This course provides a comprehensive understanding of the key concepts and practical applications of sanctions compliance and customer name screening. It will address international sanctions regulations, methodologies for screening customers, and how to comply with legal requirements in financial institutions.
Learning Outcomes:
- Understand the key principles of sanctions compliance.
- Learn how to conduct effective customer name screening.
- Recognize the regulatory requirements related to sanctions screening.
- Identify the risks associated with inadequate sanctions screening and customer onboarding.
Course Outline:
- Introduction to Sanctions Compliance:
o Overview of international sanctions regimes (e.g., OFAC, UN, EU, and local authorities).
o Key definitions: Sanctions, Denied Parties Lists, and Restricted Entities.
- Customer Name Screening Process:
o How to screen customers against sanctions lists.
o Technologies and tools used in customer name screening.
o Risk-based approach to name screening.
- Regulatory Requirements & Reporting:
o Legal obligations for screening under FATF, OFAC, and other regulatory bodies.
o Reporting obligations (e.g., blocked transactions, suspicious activities).
- Sanctions Risk Management:
o Developing and maintaining an effective sanctions compliance program.
o Case studies of sanctions violations and penalties.
- Challenges and Best Practices in Name Screening:
o Issues in screening (false positives, data quality, and manual vs. automated processes).
o Industry best practices and emerging trends.
Course Content
1. Introduction to Sanctions Compliance:
2. Customer Name Screening Process
Regulatory Requirements & Reporting
Sanctions Risk Management
Challenges and Best Practices in Name Screening
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