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With the ever-growing focus on ESG and increased compliance legislation across the globe, it has become even more important for business to keep up with regulation to avoid costly sanctions.
Even if your business is not violating the law directly, you can be found liable for sanctions if your third-party partners are violating the law. That's why a rigorous and continuous due diligence process is so important.
In this post, we'll go over 9 steps to make sure your due diligence is up to par so you manage your risk of sanctions or other consequences.
Sanctions involve a wide range of measures—from asset freezes to trade embargoes—to exact pressure on individuals, organizations, and nation states to meet international and national standards of conduct. What’s more, the number of sanctions regimes continues to grow, further complicating on-going risk management.
The costs of inadequate sanctions screenings are significant, including potential reputational damage, substantial fines, and exclusion from future business contracts.
Fortunately, you can mitigate your sanction risk with thorough due diligence screening.
How to create an effective sanction screening process
Keeping a constant eye on sanctions, watchlists, politically exposed persons (PEPs), and state owned enterprises (SOEs) demands a proactive approach. Here are 10 best practices to follow when implementing sanction checks:
Don’t wait for an enforcement action to put these best practices in place. Arrange a free trial of Nexis Diligence to see how it enables sanctions due diligence and more!
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