When should I check my customers for sanctions?

The frequency at which you check customers for sanctions will vary between businesses, but best practice suggests this should be done during:

• Onboarding – This will enable you to know whether you should prevent the party from becoming a customer in the first place.
• Periodically – Sanction lists are updated on a regular basis. Should your customer be added to a sanction list you need to be able to take action.
• Continually – On going monitoring is considered best practice and is a must if you have a high level of exposure to sanctions risk.
• Signification changes are made – Changes to a customer’s name, location and other details should trigger a rescreening against sanction lists.