Retail Banker International recently published an article highlighting the challenges faced by sanctions screening companies due to the increasing number of sanctions after Russia’s invasion of Ukraine last year.
Our Chief Strategy Officer, Chrisol Correia, commented on the issue, stating that compliance with sanctions screening has become a top priority for banks of all sizes and types. He added that financial institutions are facing significant strains as they try to maintain their compliance performance. While companies have adapted their sanction screening tools to meet client needs, challenges persist. It is important for banks to remain vigilant and ensure they are compliant with sanctions to avoid any potential legal or reputational risks.