Digital Compliance: The Leap From Analogue Compliance Work Part 2

Part II: Software-based sanctions compliance

While many areas are still discussing and trying out how software-based compliance tools can be used sensibly, software in the area of sanctions compliance has already been indispensable for years. With the imposition of far-reaching financial sanctions by the EU in the context of the Russian war of aggression on Ukraine, its importance has increased again significantly since 2022. In the almost endless selection of available software solutions for sanctions screenings, there is something for (almost) every company. However, the use of these solutions also entails legal risks and challenges for the business process, which we would like to highlight here.