TIS Sanction Screening Survey Report
Over the last decade, the level of regulatory oversight levied against organizations has increased dramatically, across the globe. From Basel III to FATCA, PSD2 and GDPR, to name just a few, regulatory pressure is high.
And it’s easy to see why – especially when it comes to sanction screening. Cybercrime continues to become more widespread, leading to governments across the globe introducing strict laws targeting money laundering and terrorism financing. Associated penalties are significant, and if a company lacks the systems to execute an anti-fraud program it’s viewed as non-adherence. That’s why financial institutions have invested heavily to address new requirements, with special screening centers designed to assess millions of daily payments.
Carried out by The Global Treasurer in partnership with TIS (Treasury Intelligence Solutions GmbH) this survey has enabled us to build a full and detailed picture around current sanction screening activities and processes – and the regulatory needs driving them. It has also enabled us to gain insight into the collaboration/interfaces of the involved systems – ERP / TMS / Payment service providers – used by treasury to protect organizations and individuals from penalties and consequences of non-compliance.
In analyzing the results obtained through the survey of treasurers around the world, we have identified several key storylines that encapsulate the findings from this important study.