Sanction checks are carried out in order to stop transactions with organizations that are forbidden from taking part in particular activities or transactions. It is a tool that, by identifying financial crimes, assists businesses in adhering to AML and KYC regulations.

Sanctions are meant to penalize a bank under supervision for misbehavior. They act as a disincentive to the offending bank as well as to the entire banking industry. As long as the statute of limitations is followed, sanctioning procedures may be started both during and after an ongoing breach. Call today to avail our service.