Financial Sanctions Program and Screening
Economic sanctions are commercial and financial penalties applied by one or more countries against a targeted country, group, or individuals.
This course is essential to understand what are the Economic Sanctions, how they are applied, who apply them and who are the targets. The purpose of this course is to create awareness around the concept of sanctions and the implications that breaches of sanction rules . The course introduces the types of restrictions applied by various governments and international agencies
· Identify the impacts of Economic sanctions in your organization
· Learn how to implement a Sanction Screening Programme
· Understand the personal contribution to comply with the sanctions.
· Set up a risk based approach relying on the different type of Economic sanctions
· Explain the relevant methods in preventing Economic sanctions
What are Economic Sanctions?
Financial Sanctions as economic and trade restrictions
Reasons of Financial Sanctions
Who is involved? Financial Institutions
Responsibilities and Guidance for Financial Institutions
Penalties for Breach of Sanctions
What is a Sanctions Screening Programme?
Policies and Procedures
Technology
Guidelines on Sanction Programme
AML / CTF Procedures
Aligning the Financial Institution’s policies, systems and controls to regulatory guidelines
Assessing, enhancing and optimizing the Sanctions Screening Programme
Financial Institution compliance with the measures imposed by the relevant regulatory bodies
Components of a Sanctions Screening Programme
Governance and Control Model
KPI based periodic review
Effective Data
Technology Framework and Lists Management
Alert Investigation Methodology
Disposal of alerts and escalations
Staff Awareness and Training
Employees, supervisors, managers and others involved in transactions and seeking to improve their skills and knowledge on Sanctions.