CYSO-SanctionsSo the new BS7858 2019 Code of Practice requires all new starters to have a Global Watchlist Check. This should cross-reference the individual's name(s) against various sanctions, watch lists and fraud databases, including, but not limited to, the HM Treasury's consolidated list of financial sanctions targets in the UK.
We thought it may be helpful to provide further information on these types of check. There are a number of sanctions files that can be checked including HMT, OFAC, PEP and SDN.
Sanction File Definitions
UK/FCA file of Individuals, Entities or Governments resident in UK or abroad
The Office of Foreign Asset Control. US files of Individuals Entities or Governments
SDNs are individuals and entities located throughout the world that are blocked pursuant to the various sanctions programs administered by OFAC
A politically exposed person (PEP) is one who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold
All of these are long lists of individuals and organisations that have been highlighted by Governments, Law Enforcement Agencies and Financial Bodies as high risk individuals and organisations that have been involved in money laundering fraud or terrorist activity.
These links can be checked manually:
Clearly it would take a while.
We can offer a quick and cost effective service that can check all Global Watch lists and help you comply with this new BS7858 requirement from day 1.
Contact us and see how we can assist with our CYSO-SANCTIONS solution.