White Paper on Best Practices in AML/CFT Screening
11 Sep, 2022
Conducting an effective AML/CFT screening has never been an easy task for financial institutions (FIs). Moreover, the current sanctions landscape has become a real minefield for FIs due to the multiple loopholes that exist in the majority of the screening systems out there on the market. Empowering screening solutions to better tackle this challenge has become more important than ever.
Regulators worldwide are applying tougher requirements upon FIs to adopt when performing customer onboarding, periodic Know Your Customer (KYC) reviews, ongoing batch screening, and transactions processing. This paper draws on the supervisory expectations of major institutions, such as the Monetary Authority of Singapore (MAS), UK’s Financial Conduct Authority (FCA), based on their thematic inspection of selected FIs’ screening processes. It also brings particular examples of how Polixis, a Swiss RegTech company, specialized in developing automated AML/KYC solutions, tackles these types of screening challenges.
To read the full paper, download the PDF file.
07 Mar, 2023
White Paper on Sanctions 50% Rule: Comparative Analysis of Practical Aspects
This paper is focused on the analysis of various scenarios that fall under the 50% rule set out by OFAC, OSFI and EU, and provides a few examples from automated data generated by Polixis' solutions.
27 Feb, 2022
Polixis CEO Comments on the Consequences of the Recent Sanctions Against Russia
In his interviews to local press, Polixis Founder and CEO Gagik Sargsyan has commented on the possible consequences of the recent wave of sanctions on Russia. According to him, for every 1 entity in OFAC list, there may be approximatively 10 collateral exposures to primary and secondary sanctions. This will test to the limits the existing Compliance tools in the banking sector.
25 Feb, 2022
Second Round of OFAC Sanctions against Russia
This second wave of OFAC’s sanctions come at various speeds and depths. It targets SBERBANK, Russia’s largest bank, prohibiting correspondent and payable-through account transactions. Yet, it does not issue a full blocking order for Sberbank.