FiveBy experts provide insights on news, industry trends, and possible regulatory and reputational risks around the corner.
Our very own Irene Kenyon, Director of Risk Intelligence at FiveBy is interviewed by Thomson Reuters in this timely article about how possible regulatory changes after the recent Treasury Department sanctions review can impact US financial institutions, the complexities of the increased use of more targeted sanctions, and the challenges posed by a sharpened focus on cryptocurrencies.
As always, being proactive is key.
“As the government focuses on more precise and targeted sanctions on specific issues, financial institutions and other U.S. firms will need to pay extended attention to possible targets and get out of the habit of simply screening against sanctions lists,” says Kenyon. “This change in sanctions strategy is going to require greater due diligence on the part of financial institutions. They really need to know their customers on a much more granular level, because that’s what Treasury is expecting.”
Inadequate sanctions screening and lack of proactive due diligence can bring all manner of risk to US financial institutions. FiveBy Solutions can help. Need more information? Visit www.fiveby.com or contact us at firstname.lastname@example.org.