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Compliance and Sanctions Screening: Key Considerations for Financial Institutions

Publisher IDC
Published Sep 30, 2022
Length 4 Pages
SKU # IDC17414642

Description

Compliance and Sanctions Screening: Key Considerations for Financial Institutions

This IDC Perspective details the important factors financial institutions must consider in relation to regulatory compliance, specifically sanctions screening. Because new sanctions are quickly introduced, financial entities must be able to draw on proper data sources and, more importantly, utilize technologies like machine learning to properly evaluate the names of sanctioned entities, efficiently draw conclusions to minimize the number of false positives, and reduce the possibility of being fined for non-compliance by regulatory bodies.“Financial entities must be able to react quickly and assess data from sanctions lists if they are to minimize the risks of being fined. AI technologies like natural language processing augment their capacity to spot irregularities during the onboarding of potential clients.” — Research Director George Briford, IDC Financial Insights

Please Note: Extended description available upon request.

Table of Contents

4 Pages
Executive Snapshot
Situation Overview
Introduction
What Is Global Sanctions Screening?
Why Is It Important for Financial Institutions to React Quickly?
What Are the Technology Implications?
Advice for the Technology Buyer
What Should Financial Institutions do in the Short Term?
Learn More
Related Research
Synopsis

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