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Sanctions Screening and Monitoring Crucial to Compliance Program Efficiency in British Virgin Islands
In an effort to combat illegal financial activities, governments and international organizations impose sanctions on certain individuals, entities, and countries. In the British Virgin Islands, businesses are obliged to comply with these sanctions to avoid significant penalties.
Importance of Sanctions Screening
To achieve this, firms must implement a robust sanctions screening program that includes:
- Customer Screening: Identifying any payments involving targeted individuals or entities
- Transaction Screening: Screening incoming and outgoing payments and transactions in real-time
This requires accurate and up-to-date information on sanctioned companies, entities, and individuals.
Dow Jones Risk & Compliance Solutions
Dow Jones Risk & Compliance offers specialized data feeds for sanctions screening in the British Virgin Islands. Our independently-audited sanctions data is produced by an in-house global research team, ensuring that our clients meet regulatory requirements and maintain compliance with international guidelines.
Our sanctions screening solutions include:
- Financial Instruments Screening: Screening listed securities linked to sanctioned entities
- Lists for Payments & Transactions Screening: A specialized feed of sanctions and other critical lists for real-time payment and transaction screening
Additional Services
In addition, Dow Jones Managed Services provides:
- One-time and Ongoing Screening: Comprehensive screening of entities and transactions
- Backlog Reviews: Reviewing past transactions to identify potential breaches
- Detailed Reports: Providing detailed reports on sanctioned entities and transactions
British Virgin Islands Government Regulations
The British Virgin Islands government has imposed strict controls on the export of goods and services for use in nuclear, radiological, chemical or biological weapons programs. As a result, businesses operating in the region must be vigilant in their sanctions compliance efforts to avoid breaches and penalties.
Dow Jones Risk & Compliance Expertise
Dow Jones Risk & Compliance is trusted by firms around the world to provide accurate and timely sanctions data. Our solutions are certified to ISAE 3000 international standards, ensuring the highest possible quality of our data. We also offer:
- Consolidated Watchlists: Reducing duplication and providing clarity on what’s included and why
- Continuous Monitoring and Updates: Ensuring that clients stay ahead of the curve in sanctions compliance
Awards and Recognition
In recognition of our expertise in sanctions screening, we have been awarded Best Sanctions Solution in Regulatory Intelligence. Our team of experts is committed to helping businesses in the British Virgin Islands stay ahead of the curve in sanctions compliance.