General insurance brokers are required to have systems and controls in place to mitigate the risk that they may be used to further financial crime. Having in place systems and controls relating to financial sanctions is an integral part of complying with this requirement.
Cobra Network Compliance Consultancy recognises that using sanctions checking software is the most efficient way of screening clients against the sanctions list, ensuring that firms are not working with a person or organisation who has a financial sanction imposed on them.
There is a cost implication to using sanctions checking software . . .
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