“We were comparing applications and found that your data was updated much quicker. In one instance, there was a Treasury SDN update advisory at 10:56 am and the changes were reflected in Visual Compliance almost immediately.”
COMPLIANCE MANAGER, AEROSPACE INDUSTRY, PHOENIX
Every financial transaction with a foreign entity is a potential trade compliance violation.
Financial transactions with an entity on one of many government watch lists pose significant risk to companies in the financial services sector, and in the controlled-goods space. You could be committing violations of export control and FinCEN regulations right now, or they could be hidden in your books, or those of companies you have or in are considering acquiring.
The severe penalties of violating the regulations, including fines, restrictions on business activities, incarceration, and damage to personal and corporate reputations invites appropriate due diligence measures to protect individuals, executives and the corporation.
In most time-is-money, high transaction volume / low revenue environments, a key challenge in anti-money laundering due diligence is finding solutions that add negligible incremental transaction costs and are almost invisible to throughput.