July 26, 2011
Accuity made three new additions to its Global WatchList, the firm’s collection of sanctions, enhanced due diligence, and politically exposed persons lists.
These new lists, covering entities from three of the most unstable countries in the Middle East and North Africa—Libya, Syria, and Egypt—will help clients reduce the reputational risk of doing business with sanctioned or high-risk persons and organizations.
Since the beginning of the Arab Spring, Accuity has enriched its anti-money laundering compliance data in multiple ways to address ongoing political unrest in the Middle East and North Africa. These new lists further expand Accuity’s set of compliance tools designed to provide the country-specific data necessary to support a rigorous AML compliance program.
The new enhanced due diligence lists for Syria and Libya stem from the sanctions imposed by chief regulatory bodies such as OFAC, EU, and HM Treasury on Syrian and Libyan government officials and entities they own or control. The lists facilitate the identification of accounts and transactions linked to these countries, allowing extra scrutiny to be applied and enabling an informed decision to be made on how to proceed. The new sanctions list for Egypt includes individuals posted by the Egyptian Financial Supervisory Authority who are prohibited from carrying out financial transactions or whose transactions should be seized.
All three of these new lists leverage Accuity’s payment database and politically exposed person’s database to protect against high-risk transactions and business relationships.
Having access to comprehensive coverage of all bank locations in Libya and Syria facilitates the identification of transactions to or from these countries, including transactions involving the many banks not listed on sanctions lists. The addition of all Libyan and Syrian PEPs, including family members and close associates, allows high-risk transactions or business relationships with these individuals—such as the daughter-in-law of Libyan leader Muammar Gaddaffi or the mother of Syrian president Bashar al-Assad, neither of whom are noted on any sanctions lists—to be identified. When these lists are paired with Accuity’s sanctions lists enhanced with thousands of entries that are implied as sanctioned, but not specifically listed, risk exposure is dramatically reduced.