The Cost of Neglecting Sanctions Lists Checks and PEP Screenings

Sanctions lists and PEP screenings are required as part of Anti-Money Laundering (AML) Counter Terrorist Financing (CTF) compliance. The Financial Action Task Force (FATF) requires that PEP and sanctions lists screenings be completed when onboarding customers and establishing a new business relationship. Failure to complete the screenings or following Know Your Customer (KYC) requirements will result in expensive fines and sanctions.