Financial Crime World

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Egypt’s Financial Regulators Emphasize Importance of Sanctions Screening Tools and Technologies

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In a move to strengthen anti-financial crime frameworks, Egypt’s financial regulators have highlighted the critical role that sanctions screening tools and technologies play in protecting businesses from engaging with sanctioned companies, entities, or individuals.

The Importance of Sanctions Screening Compliance

According to experts, all businesses operating in Egypt are required to comply with sanctions screening requirements. Failure to do so can result in significant penalties. In addition to customer screening, firms are encouraged to complete transaction screening to identify payments involving targeted individuals or entities.

Requirements for Businesses

  • Complete customer and transaction screening
  • Identify payments involving sanctioned companies, entities, or individuals

Specialized Sanctions Screening Tools and Technologies

Dow Jones Risk & Compliance has developed specialized feeds for sanctions screening that can be integrated into various payment systems and platforms. The company’s solutions include:

Financial Instruments Screening

  • Enables firms to screen financial instruments against over 50 sanctions lists and proprietary entity risk data

Lists for Payments & Transactions Screening

  • Provides updates up to six times a day to ensure changes in regulatory requirements or levels of risk exposure are captured

Dow Jones Managed Services

Dow Jones Managed Services supports organizations’ efforts with:

  • One-time and ongoing screening
  • Backlog reviews
  • Detailed reporting based on leading data covering over 270 million entities

The Importance of Transparency and Clarity

Egypt’s financial regulators have emphasized the importance of transparency and clarity in sanctions screening. Companies are required to understand the criteria against which they are screening, and maintain an open dialogue with their customers.

Expertise and Reputation

Dow Jones Risk & Compliance has been recognized as a winner of Best Sanctions Solution in Regulatory Intelligence, highlighting its expertise and reputation in providing high-quality sanctions data and insights to businesses operating in Egypt and globally. The company’s solutions have been certified to ISAE 3000 International Standards, ensuring accuracy, completeness, validity, and timeliness.

Conclusion

With the importance of sanctions screening tools and technologies becoming increasingly clear, businesses operating in Egypt are urged to prioritize compliance with regulatory requirements and invest in robust sanctions screening solutions to mitigate risks and avoid penalties.