Tips for Testing Your Sanctions and Watch List Screening Software
June 1, 2020
As part of an effective Financial Crime Compliance (FCC) program, banks and other financial institutions (FIs) need to have a sanctions and watch list screening solution in place to assist with the identification of sanctioned individuals and organizations (entities).
For those FIs that have had a screening program in place for many years or for those looking to implement a new one, it is important to test its effectiveness during the initial implementation, as well as, periodically.
What does testing a sanctions and watch list screening solution entail? In this white paper we review key areas that every financial institution should review to ensure that their sanctions screening software is working at its best.