Here's a breakdown of the terms CIF Sanction Screening , AML Watch Screening , and Risk Profiling in the context of financial institutions, specifically in relation to compliance and anti-money laundering (AML) efforts: 1. CIF Sanction Screening CIF (Customer Information File) Sanction Screening involves checking customer information (such as names, addresses, and other identifiers) against lists of sanctioned individuals or entities. Sanctioned lists typically come from global regulatory bodies, such as the United Nations , EU , or OFAC (Office of Foreign Assets Control) . The aim is to ensure that the bank or financial institution does not engage in any transactions or provide services to individuals or entities that are on these sanctioned lists (due to reasons such as terrorism, criminal activities, or economic sanctions). Example : If a customer’s name matches one on the OFAC list , the institution will block transactions and report it for further investigation....
Comments
Post a Comment