Financial institutions employ screening-using lists of names,
entities, persons, or countries derived from various sanctions or
prohibited persons lists to identify possible legal restrictions
(e.g., sanctions), fraud, or other concerns with respect to a
relationship or transaction-as an essential part of an effective
financial crimes compliance (FCC) program.
Screening is dependent on data sets and lists of sanctions
indicators. These lists, which incorporate records generated by
governmental agencies as well as internal lists that reflect the
financial institution's knowledge about its own exposure to
sanctions risks, must be accurate, reliable, up to date, refreshed
frequently, and relevant to the institution's unique risks.
Rigorous management of these lists promotes screening consistent
with the institution's risk appetite, including the
identification of potential prohibited targets.
