Announcing Expert Working Groups and Topic 1: Sanctions compliance
The FFE have kicked off a series of topical roundtable discussions among industry leaders, with the aim of connecting senior decision makers to discuss their own internal approaches to common challenges. These Expert Working Groups are under Chatham House Rule, with FINTRAIL acting as secretariat to facilitate discussion amongst experts. Thanks to RDC and RUSI, too, for providing expert insights alongside our FinTech experts.
Our first Expert Working Group focused on FinTech approaches to sanctions regimes, and gathered 18 sanctions experts from 8 different FinTech industries. After just two in-depth sessions, we were able to glean insight on best practices that we hope you find useful when benchmarking your own approach.
As a sneak peek into some of those insights:
Around 30% of the FinTechs we spoke with have a sanctions-specific risk assessment to support their risk-based approach, with several more working to create one.
Unanimously, Expert Working Group participants are typically using conservative (or even very conservative) fuzzy matching thresholds ranging from 70%-85%, especially compared to industry averages closer to 85%-92%.
C-Suite and board members are increasingly expected to have sight of the Sanctions program and/or Sanctions-specific policies, vs. just the broader Compliance or Anti-Money Laundering program.
Check out the full report for more, and reach out to us at ffe_admin@fintrail.co.uk to share any insights of your own. And be sure to stay tuned for further Expert Working Group insights!