Tag: compliance

Are you worried about business risks posed by global sanctions and anti-money laundering regulations? ThreatSTOP has partnered with FiveBy, a leading Risk Intelligence and Fraud consultancy with a team of sanctions experts, to offer an automated, customizable Office of Foreign Assets Control (OFAC) compliance enforcement solution that can be easily integrated into your existing network devices – including DNS servers, firewalls, routers, and even your endpoints. With One-Click Sanctions Compliance, you’ll gain access to comprehensive OFAC sanctions coverage which network enforcement solutions to now include sanctioned entities and their subsidiaries.

Navigating Compliance Challenges in a Changing World

 Businesses today face mounting challenges in safeguarding their firms amid an ever-evolving sanctions landscape. Rapid changes in compliance requirements, driven by geopolitical conflicts, impact internet traffic and business dynamics. Since the invasion of Ukraine, US sanctions on Russia have skyrocketed, with over 2,500 new Russian-related targets added to the Treasury Department’s SDN (Specially Designated Nationals) list. Engaging with these entities or their subsidiaries can lead to penalties, investigations, negative publicity, and business disruptions. However, identifying subsidiaries, scattered globally, requires extensive investigative and digital forensic research, intensifying the complexity of compliance.

To overcome these obstacles, compliance officers and businesses must adapt by identifying sanctioned entities and subsidiaries, and strictly enforcing all compliance requirements. Staying ahead of evolving sanctions and skillfully navigating compliance is critical to protect firm integrity and reputation.

One-Click Sanctions Compliance: Expertise Meets Technology

Introducing One-Click Sanctions Compliance: a powerful solution by ThreatSTOP and FiveBy. Automate compliance with sanctions regulations and protect your network effortlessly. The ThreatSTOP platform blocks machine-to-machine connections with sanctioned countries, entities, subsidiaries, and seized territories, preventing prohibited business engagements. Customize enforcement policies to fit your specific needs, allowing you to selectively block countries and sanctions regimes while enabling traffic on an entity-specific basis.

Save time and resources by automating compliance efforts, freeing you to focus on business growth. One-Click Sanctions Compliance provides data-backed evidence of your commitment to compliance, blocking and logging communication attempts to prevent violations. It offers internal and external network communications tracing for quick decision-making and action, enhancing your risk mitigation efforts.

Interested in instant sanctions compliance? Get One-Click Sanctions Compliance installed today.

Talk to an Expert

 

ThreatSTOP is a cloud-based automated threat intelligence platform that converts the latest threat and sanctions data into enforcement policies, and automatically updates your firewalls, routers, DNS servers and endpoints to stop attacks before they become breaches.

For more information, go to www.threatstop.com or contact sales@threatstop.com.

FiveBy is a leading Risk Intelligence and Fraud consultancy. ​When it comes to risk and fraud management, FiveBy’s industry experts bring strength and clarity to protecting our clients’ profits and managing their reputations. This can be done through one-time risk assessments, or ongoing managed services.

For more information, go to www.FiveBy.com or contact info@fiveby.com

FiveBy experts provide insights on news, industry trends, and possible regulatory and reputational risks around the corner.

FiveBy Director of Risk Intelligence, Irene Kenyon, on 27 February 2023 once again appeared on New Paradigms, discussing the one-year anniversary of Russia’s invasion of Ukraine and the state of the unprecedented sanctions imposed on Russia.

What has changed?

How has compliance changed?

How much more complicated will compliance teams’ jobs be with sanctions and restrictions on Russia growing?

Have sanctions against Russia been effective?

Watch the video below and contact FiveBy’s experts to get a free consultation and access in-depth analysis to help avoid regulatory, criminal, and reputational risk.

FiveBy IntelSentry

At a time when the regulatory landscape is changing at a lightning speed, with new financial sanctions programs, enforcement actions, and global policy developments stretching compliance programs, effective monitoring and mitigating risk is more important than ever for global banks, financial institutions, technology firms, cryptocurrency platforms, and governments.

That’s why FiveBy Solutions—a specialized risk intelligence consultancy with unique expertise in financial crime-related risk and fraud management—is teaming up with The Illicit Edge, the foremost source of breaking financial crime news at the intersection of sanctions, money laundering, corruption, terrorist financing, cyber and cryptocrime, and more.

While The Illicit Edge surfaces the latest and most important sanctions and financial crime news and information that compliance and risk professionals need to stay abreast of the everchanging regulatory risk landscape, FiveBy provides US and international firms and financial institutions with customized risk assessments to make sense of the reams of information generated by their compliance tools and inform their compliance risk management decisions.

We are proud to be working with The Illicit Edge as we strive to bring our clients the best and most-informed solutions that position them for success.

Click below for a free consultation and demo of FiveBy’s Risk Assessment Services.

RISK ASSESSMENT SERVICES

Courtesy of Thomson Reuters

FiveBy experts are often asked to provide insights on risk-related news, industry trends, and other sanctions and money-laundering issues.

Thomson Reuters recently published FiveBy’s advisory on strategic corruption written by FiveBy Risk Intelligence analyst Marren Haneberg in a two-part series that explores how US firms and financial institutions can adjust, as US regulators look to enhance the country’s battle against strategic corruption.

The first part explores the meaning of strategic corruption and why the US government considers the issue a threat to our national security.

Oligarchs, especially those from Russia and Ukraine, are making real estate and other large asset purchases to evade sanctions, launder money through US and other western financial systems, and influence politicians. Corrupt regimes also exploit state-owned companies to influence foreign politics.

In the second part, Marren examines how US companies can stay ahead of the curve and be proactive in their efforts to address this national security threat.

Companies engaged in [vulnerable] sectors should reassess their risk programs, possibly perform transaction monitoring, track changes in employment for clients — especially those in risky jurisdictions or who raise other red flags. Companies also should keep abreast of possible upcoming regulatory changes mandated by the Corporate Transparency Act, given the Biden administration’s commitment to treating corruption as a national security concern.

US firms and financial institutions concerned about transacting with possible kleptocrats and corrupt government officials, especially as the West ramps up sanctions against Russian oligarchs, should engage the support of expert analysts at FiveBy to develop most effective strategies to protect their business from regulatory and reputational risk.

Need more information? Visit www.fiveby.com or contact us at info@fiveby.com.

Adding human expertise into the data stream for meaningful risk intelligence

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The consequences of failing to comply with government sanctions and commerce regulations can impact a company’s reputation and bottom line.  The government expects companies to know the suppliers they buy from and customers they sell to.

Every company that buys or sells internationally or sells domestically to a foreign national or foreign entity, needs to develop processes for identifying the entities involved in those transactions and ensure that they are not prohibited from commerce. Typically, companies will subscribe to a service that sifts through a world of data points and generate reports to assist with this. Having access to these reports is crucial – and having access to experts with knowledge of the rules and how to connect the dots for their business can help avoid ending up on the wrong side of government rules which can result in hefty fines and damage to business reputation.

Today FiveBy Solutions and Sigma Ratings are announcing a joint offering that brings together the power of the Sigma Ratings data platform with the expert insights of FiveBy’s Risk Assessment Services to offer clients a best of breed solution for managing business risk.

Building on Sigma’s derived insights, FiveBy now offers an additional three levels of expert assessment, delivering to Sigma’s clients the next level in understanding compliance risks. FiveBy Risk Assessment Services are ideal for clients needing access to additional hands-on expert research whether for a one-off assessment or as part of a broader managed service.

“Companies are increasingly expected to be experts when it comes to sanctions and financial regulations, and support for deeper research is often required to understand the risk of doing business in today’s market” said Alex Kochis, President and founder of FiveBy. “As a leader in the bespoke risk management solutions space, we are delighted to be able to expand our portfolio by offering on demand risk assessment services to Sigma’s clients.”

Stuart Jones Jr, Founder and CEO of Sigma Ratings added “Sigma Rating’s Terminal Solution delivers actionable insights for confident decision making. Now by partnering with FiveBy we can offer the best decision support the industry has to offer to our clients.”

FiveBy Solutions is a specialized risk intelligence consultancy with unique expertise in risk and fraud management. Companies and organizations contact FiveBy when they see risks related to fraud, abuse or compliance that could affect their reputation, their ability to support customers, their intellectual property, or their bottom line. FiveBy provides unique insight and experience to transform these risks into opportunities. Whether you work with FiveBy on an assessment, to address a one-off incident, or to create robust processes to address future risks – we’ll always be in your corner. We stay ahead of the game, so you don’t have to.

Incubated at MIT in 2017, the mission of Sigma Ratings is to make the world more transparent by highlighting and standardizing metrics for good corporate behavior. Sigma’s Certified Ratings leverage public and private data on companies to create a rating. These ratings are especially beneficial in highlighting institutions, with effective compliance, in jurisdictions perceived as high-risk. Sigma’s use of AI and machine learning enables it to achieve its mission at global scale through the collection, organization and scoring of public data. To date, Sigma has organized over 100 billion data points on over 900 million companies and people globally to make it the world’s most comprehensive risk analysis database.

For more information: www.fiveby.com/riskassessmentservices

Press Enquiries: info@fiveby.com

FiveBy experts provide insights on news, industry trends, and possible regulatory and reputational risks around the corner.

Our very own Irene Kenyon, Director of Risk Intelligence at FiveBy is interviewed by Thomson Reuters in this timely article about how possible regulatory changes after the recent Treasury Department sanctions review can impact US financial institutions, the complexities of the increased use of more targeted sanctions, and the challenges posed by a sharpened focus on cryptocurrencies.

As always, being proactive is key.

“As the government focuses on more precise and targeted sanctions on specific issues, financial institutions and other U.S. firms will need to pay extended attention to possible targets and get out of the habit of simply screening against sanctions lists,” says Kenyon. “This change in sanctions strategy is going to require greater due diligence on the part of financial institutions. They really need to know their customers on a much more granular level, because that’s what Treasury is expecting.”

Inadequate sanctions screening and lack of proactive due diligence can bring all manner of risk to US financial institutions. FiveBy Solutions can help.  Need more information? Visit www.fiveby.com or contact us at info@fiveby.com.