Why is it important to use multiple sanctions lists, such as United Nations (UN), Office of Foreign Assets Control ("OFAC"), and European Union ("EU") lists, in name screening systems?

Question

Options

• ATo avoid sanctions breach related to payments
• BTo avoid onboarding customers previously exited due to true match
• CTo meet international regulatory requirements and identify risks across jurisdictions
• DTo be in line with the risk appetite statement

• A
  4% (1)
• B
  12% (3)
• C
  80% (20)
• D
  4% (1)

Explanation

Using multiple sanctions lists ensures that financial institutions meet international regulatory obligations and can identify sanctions-related risks across different jurisdictions. This comprehensive approach strengthens compliance and reduces the likelihood of exposure to sanctioned individuals or entities.

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