Latest Russian sanctions: SmartSearch’s new ‘High Risk Country’ report can ensure your business is 100% compliant

Following President Putin’s invasion of the Ukraine, the world has introduced tougher sanctions on Russian banks and financial institutions, businesses and individuals.

The sanctions are the toughest Russia has ever seen, and the penalties for breaching them are severe. As a result, many regulated firms across the UK are becoming concerned about whether their existing compliance solutions are up to the task.

In response, leading anti-money laundering specialist, SmartSearch has launched a brand new service - High Risk Country Report - to enable businesses to immediately check their customers for links to Russia, Belarus, or any other high-risk countries.

The tool offers a quick and efficient way for regulated businesses to check their existing client database in light of the new restrictions introduced against Russian businesses and individuals, and immediately identify any that are now subject to sanctions.

The High Risk Country Report is able to identify and return matches of any names marked ‘Yes my client’ shown as having residency or citizenship in any high risk countries, identify any business customers operating in a high risk country, as well as any UK business customers where an entity within the corporate structure is identified as operating in a high risk country.

SmartSearch also offers a Batch Upload service, this enables regulated firms to upload multiple individuals onto the SmartSearch platform via a single spreadsheet; SmartSearch’s award-winning service then screens every entry against Global sanctions lists.

SmartSearch’s ongoing monitoring then regularly checks all names for any changes, ensuring that if further sanctions are imposed, any individuals or businesses affected will be immediately identified.


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