Sanctions and Politically Exposed Persons Risk Assessment and Remediation

United Kingdom financing body | Risk & regulation | Public sector

The challenge: A United Kingdom-based financing body needed to understand its exposure to the risks of breaching sanctions regulations and entering into relationships with counterparties who have Politically Exposed Persons — individuals who hold or have held prominent public positions — in their management or on their Board of Directors. The firm needed a structured, risk-based approach to guide its policies, controls and allocation of resources.

What New Link Consulting did: New Link Consulting designed and conducted a full Sanctions and Politically Exposed Persons Risk Assessment, drawing on the Wolfsberg Group guidelines, the United Kingdom Joint Money Laundering Steering Group guidance, the Financial Conduct Authority Financial Crime Guide and Office of Foreign Assets Control requirements. The assessment covered policy design, screening procedures for both new and existing counterparties, and recommendations on a suitable screening technology solution.

The outcome: New Link Consulting delivered A new Sanctions Policy and supporting operating procedures, a new screening procedure for both new and existing counterparties, and recommendations on a screening solution, which was subsequently procured by the client.