Sanctions Screening and Monitoring: Crucial for Businesses Operating in the British Virgin Islands
In today’s global economy, businesses operating in the British Virgin Islands (BVI) must ensure they are taking steps to comply with international sanctions. Failure to do so can result in significant reputational damage and financial losses.
The Importance of Sanctions Screening
LexisNexis Risk Solutions has developed a comprehensive sanctions watchlist screening solution that provides access to the most significant sanctions lists from around the world. The company’s proprietary risk dataset consolidates records from major sanction lists, creating a single view per subject and facilitating effective and efficient screening.
Benefits of Sanctions Screening
With this solution, businesses in the BVI can:
- Screen clients against all major sanctions lists, which are continually monitored and updated
- Avoid commerce with sanctioned entities and reduce regulatory risk
The Database
The database contains around 6 million individuals and companies, and records are continually updated to reflect the current sanctions landscape. Additionally, LexisNexis Risk Solutions provides a list of Politically Exposed Persons (PEPs) containing over 2.5 million individuals, their family members and close associates.
Continuous Media Monitoring
In addition, LexisNexis Risk Solutions offers continuous media monitoring, tracking over 30,000 news sources in 58 languages to stay ahead of emerging sanctions risks.
Best Practices for Sanctions Screening
To ensure compliance with international sanctions and avoid disrupting the onboarding process for legitimate customers, businesses in the BVI can follow best practices outlined in a new guide. The guide provides practical advice on how to improve sanctions screening and minimize false positives.
Case Study: Prudential
A recent case study from Prudential highlights the importance of effective sanctions screening. The company found that minimizing false positives made the process much more efficient.
Next-Generation AML Risk Screening
LexisNexis Risk Solutions has also developed next-generation AML risk screening capabilities, bringing together world-class data, cutting-edge matching technology and a multi-layered filtering process. This solution is designed to be simple to configure and delivered as part of a holistic customer risk journey.
Conclusion
With sanctions screening and monitoring, businesses in the British Virgin Islands can maintain compliance, reduce regulatory risk and improve operational efficiencies. For more information on LexisNexis Risk Solutions’ sanctions watchlist screening solution, please visit their website or book a demo.