Sanctions Screening Process in Mayotte: A New Guidance Published by the Wolfsberg Group

The Wolfsberg Group has recently published new guidance on sanctions screening to help financial institutions in the French overseas department of Mayotte detect and prevent sanctions risk. Sanctions screening is a crucial control mechanism for these institutions, as it enables them to identify sanctioned individuals and organizations, as well as illegal activities that may expose them to financial risks.

Importance of Sanctions Screening

The guidance emphasizes the importance of adhering to legal and regulatory requirements, as well as global industry best practices, in implementing sanctions screening controls. A risk-based approach is also recommended, acknowledging that one-size-fits-all solutions may not be effective for all financial institutions.

Key Elements of the Guidance

• Definition of Sanctions Screening
• Fundamental Elements of a Sanctions Screening Programme
  • Technology and Alert Generation and Handling
  • Reference Data
  • Transaction Screening
  • List Management and Lookbacks

The guidance aims to provide financial institutions in Mayotte with an industry perspective on effective financial crime risk management and help them develop tailored risk mitigation strategies.

Industry Perspective

“We hope that this new guidance will be of interest to financial institutions in Mayotte,” said John Cusack, Co-Chair of the Wolfsberg Group, and William Fox, Co-Chair. “We remain at your disposal for further information or questions.”

By following this guidance, financial institutions in Mayotte can ensure they are taking a proactive approach to sanctions screening and minimizing their exposure to sanctions risk.