Tag: OFAC

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 5 September 2022 participated in New Paradigms—a show that asked the question: Are sanctions still relevant in a multipolar world?

The answer is nuanced. Sanctions are effective foreign policy when done intelligently. They work when goals are specific, and the implementation and enforcement strategies are focused and multilateral. In coordination with our partners and allies, sanctions are most effective against illicit actors and states.

Irene also states that sanctions compliance in our volatile environment is getting more complicated and expensive, especially since the sanctions against Russia are of primary importance to the current administration. However, the best compliance solutions don’t have to be expensive, especially given the managed services cost. A mix of automation and human-driven analysis to interpret what is sometimes vast reams of data is the best option to implement a robust compliance program.

For our bespoke Risk Assessment Services that supplement data from automated sources, click below.

RISK ASSESSMENT SERVICES

 

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.