Worldwide regulations present an ever-increasing challenge to consistently remain in compliance with the vast arrays of programs and laws governing economic sanctions on targeted foreign countries, international terrorists and drug traffickers
Cor Financial has developed Sanctions Monitor, a sophisticated, easy-to-implement and easy-to-use sanctions monitoring, auditing and reporting tool. Sanctions Monitor automates the surveillance, auditing and reporting process and reviews every element and operation of a transaction where the risk of participating in a prohibited transaction or with a blocked entity is a possibility.
charged with managing all aspects of the compliance program and with the adherence to regulations.
Purchasing, Shipping, Importers and Exporters:
need to check goods are not sanctioned or from an entity on a ‘sanctions list’.Verify that the Bill of Lading and Certificate of Origin are compliant.
Letter of Credit Department:
before your bank issues, confirms, amends, or advises a LC, examine closely for sanctions issues.
check invoices to make sure that you are not entering into a prohibited transaction. Ensure that no one in the payment chain appears on a ‘sanctions list’.
investigate remittance transfers, especially from walk-in customers sending money abroad; cashing bank drafts that could be from a sanctioned bank.
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