New and Effective Tools to Tackle Sanctions Compliance
The world of sanctions is changing. Geopolitical developments have caused sanctions regimes to span more countries, individuals, and corporations, putting pressure on existing systems, processes, and compliance teams as they attempt to meet the increased scrutiny.
Last year the updated Economic Crime Act (2022) means that OFSI just needs to prove a breach. The onus on speciality insurers and reinsurers, put simply, is, ‘if you ought to have been aware, you should have been aware’. This fundamental shift will force all compliance functions to review how their sanction screening measures are protecting their organisations.
How can NTT DATA UK&I help?
In the London Market, so much important contract information that compliance teams need to search for sanctionable entities is unstructured. Therefore, increasing sanctions coverage, as demanded by international regulators and executives exposed to potential penalties, is expensive and technically challenging.
That’s why NTT DATA UK&I has created the Sanctions Compliance Service, an AI-powered end-to-end compliance solution for the Specialty and Reinsurance Market. The Sanctions Compliance Service (SCS) can leverage natural language processing, object detection, and machine learning to identify sanctionable entities within any uploaded document type, extracting important data: Insured, Re-Insured, SDNs, IMO, Plane Tail numbers, and much more. Put simply: upload, extract, screen, clear, and escalate.
We have also turned the typical subscription-based models for sanctions tools on its head with a ‘pay as you go service’ that can also include the more traditional services offered by these organisations.
On Thursday, June 15th 2023, we’ll be holding an event to demonstrate the Sanctions Compliance Service for compliance users in the marketplace. Come and join us, and we’ll walk you through how it can help you deal with the challenges you’re facing.
Getting the Lloyd’s overview of risk mitigation
At this event, we’re proud to announce that we’ll be joined by Chris Po-Ba, Financial Crime Advisory at Lloyd’s of London. He’ll cover this area from a regulatory point of view, talking about risk mitigation, what organisations need to know about the global sanctions landscape, and how the market should be responding to sanctions.This is an exciting opportunity to hear from one of the leading voices in the field and learn how to keep your business safe from potential violations and civil penalties. We hope to see you there.
Want to learn more?
Our creation of the Sanctions Compliance Service came from our expertise in technology-led solutions and partnering with world-leading financial institutions. We want to help you find the technology that works for you.
With a measurable 300% increase in accurate outcomes over previous processes and algorithms that work 1600x faster than human-led processes, the Sanctions Compliance Service may be that solution.
If you want to explore what you can do with the Sanctions Compliance Service, get in touch with us today. To hear from us in person and network with peers in the market over a coffee on our sunny terrace , join us at Epworth House in London on June 15th.