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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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 . . .

This content is restricted to subscribers

Compliance can easily feel overwhelming, especially with insurer and premium finance audits, regulatory reporting, training requirements and everything in between. At Cobra Network Compliance, we help members by breaking this burden into manageable and achievable parts. 

For October our recommendations are: 

Review the following documents: