Sanction Management, also referred to as sanction screening, is the management, navigation, and organization of regulatory environments regarding sanctions. Sanction management helps businesses understand how they can remain compliant while minimizing their risk, efficiency, and cost of operations. Business often rely on third parties providing updated lists of relevant sanctions for the business contracting them. Businesses using sanction management services will often use two or more sanction management providers to compare information provided by both vendors to ensure they are operating their businesses effectively and compliantly.
Sanction management is used as part of a companies Financial Crime Compliance (FCC) programme, and are used most widely by financial institutions. If financial institutions are working with individuals and organizations they may be engaged in illegal activities and will be subject to penalties.
The most popular third party sanction management companies are software companies, but there are also non-software oriented sanction management companies. The table below contains information regarding companies offering sanction management solutions.
