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Gambia Seeks to Strengthen Financial Sanctions Screening

In a move aimed at bolstering its anti-financial crime efforts, Gambia has underscored the importance of implementing effective financial sanctions screening procedures.

What is Sanctions Screening?

Sanctions screening involves the use of sophisticated software and human oversight to identify and block transactions involving individuals, groups, entities, and countries subject to restrictive measures. This critical control mechanism is designed to protect organizations from engaging with sanctioned individuals or entities, thereby preventing potential reputational damage and financial losses.

The Sanctions Monitoring Board

Gambia’s sanctions monitoring board is responsible for ensuring compliance with targeted financial sanctions imposed by national and international authorities. The board monitors the implementation of sanctions issued by the United Nations Security Council, the European Union, and other national authorities to prevent evasion and ensure that sanctions are effective in achieving their intended objectives.

Sanctions Lists

A sanctions list is a comprehensive database detailing individuals, groups, entities, and countries subject to restrictive measures. Gambia’s financial institutions are required to screen against these lists daily, using software and human oversight to identify potential matches. Organizations may also choose to screen against additional lists, such as those issued by the Office of Foreign Assets Control in the US or the Office of Financial Sanctions Implementation in the UK.

Key Features of Sanctions Lists

• Comprehensive database of individuals, groups, entities, and countries subject to restrictive measures
• Daily screening required for financial institutions
• Software and human oversight used to identify potential matches
• Additional lists available from international authorities

Sanctions Screening Process

Gambia’s financial institutions must carry out sanctions screening prior to onboarding new clients and during ongoing business relationships. The frequency of screening depends on the organization’s risk assessment, with changes in sanction lists triggering re-screening requirements. In cases where a potential match is identified, organizations must assess whether it is a true or false positive and report any matches internally.

Key Steps in the Sanctions Screening Process

• Screen against sanctions lists daily
• Use software and human oversight to identify potential matches
• Assess potential matches as true or false positives
• Report true matches to relevant authorities

Reporting Matches

Gambia’s sanctions policy requires organizations to designate a person responsible for reporting true matches to relevant authorities within a specified timeframe. Organizations must also maintain records of false positives, including the rationale for determining them as such.

Key Requirements for Reporting Matches

• Designate a person responsible for reporting true matches
• Report true matches to relevant authorities within a specified timeframe
• Maintain records of false positives and rationale for determination

Training and Awareness

Effective implementation of Gambia’s sanctions regime relies on training and awareness among employees responsible for sanctions screening. These individuals must be knowledgeable about sanctions risks and able to analyze potential hits accurately.

Key Benefits of Training and Awareness

• Employees knowledgeable about sanctions risks
• Accurate analysis of potential hits
• Effective implementation of sanctions regime

Conclusion

Gambia’s emphasis on strengthening financial sanctions screening is a critical step in combating financial crime and protecting its economy from the risks associated with sanctions evasion. By implementing robust screening procedures, Gambia can minimize its exposure to regulatory risk and ensure compliance with international and national obligations.