Swiss Private Intelligence Corporation Helps Business Clients and Investors to Growth with Implementation of Sanctions Regulations
Sanctions of all varieties are created by international authorities and national governments and implemented
and enforced by appointed agencies and institutions of national institutions. Swiss Security Solutions LLC can help Investors and Companies.
Zürich-City, Switzerland – October 22, 2021 /MarketersMEDIA/ —
Swiss Security Solutions LLC has 220 years of know-how and 80 years of combined investigative & intelligence management experience. They are globally operating, and they are authorized by the security department of the state. Till today, they were on the cases worth more than USD 33 billion collectively. They are licensed, discreet, experienced and insured up to CHF 10 million per Case and Client (Corporate Liability Insurance). Swiss Security Solutions LLC is the owner of the Trademarks Swiss Detective Agency™ and Private Investigator Switzerland™
Sanctions of all varieties are created by international authorities and national governments and implemented and enforced by appointed agencies and institutions of national institutions. Most individual countries do not have their own bespoke sanctions regimes and will follow only the requirements of the first framework we will discuss – that of the United Nations (UN) – an organization of which most countries are full members. However, due to their economic influence, certain jurisdictions’ sanctions regimes have wide global significance. The primary sanctions regime of concern for most is the United States, followed by that of the European Union (EU) and then those of other major economies such as the UK. Western countries and organizations have tended to focus their sanctions on similar targets, especially around perceived shared
threats from weapons proliferation and international terrorism, but there are also many divergences. It is also clear that the regimes oriented around ‘western’ policy objectives are not the only ones that businesses need to be aware of, as countries such as China and Russia also begin to develop their approaches.
The UN Sanctions List – also known as the United Nations Security Council Consolidated List – includes two sub-lists of individuals, and entities, and groups. UN sanctions are imposed by the resolutions of the UN Security Council (UNSC), composed of five permanent members (the US, China, the UK, France, and Russia) and 10 non-permanent members on rotation. A majority decision is sufficient to pass a resolution, but any of the five permanent members can bring a
veto. The UN creates dedicated sanctions committees to oversee particular sanctions regimes, but their enforcement is handled by individual member states. All 193 UN member-states are expected to comply with the Consolidated List, making it theoretically the most globally impactful of regimes.
How can Swiss Security Solutions LLC help and support Investors and Companies incl. Wealth Management?
Every serious business is responsible to implement the Sanctions regulations by implementing KYC regulations and sometimes EDD – Enhanced Due Diligence Check, which is more common for investments, banks, financial and wealth management companies. This can be delegated to third-party which is experienced and discreet Swiss Security Solutions LLC with Head Office in Zürich-City, Switzerland.
Global Business Responsibilities
The core compliance responsibilities firms face concerning sanctions can be onerous. Financial institutions are legally required to prevent the facilitation of the designated types of activity with listed individuals, businesses, and organizations. In practice, this means that they must thoroughly cross-reference their customer names (and sometimes counterparty names
– see below) against sanctions lists to ensure there are no breaches. In the event that a potential match with a listed name is found, then it is incumbent on the business to undertake an immediate investigation to clarify whether this might be a ‘false positive’. In the event that there are good grounds to believe it is the listed individual or entity, then the matter needs to be
reported to the relevant national authority (ie OFAC in the US or OSFI in the UK) and the relationship and/or transaction suspended.
Implementation of National and Global Business Processes with Swiss Security Solutions LLC
Wealth Management companies, Investors, Financial institutions commonly use a number of ongoings compliance processes to fulfil Sanctions regulations obligations:
• Initial Name Screening: During the onboarding processes of Customer Due Diligence and Know Your Customer (CDD/KYC), businesses will conduct an initial name screening against published sanctions lists, Politically Exposed Person (PEPs) data, terrorist watchlists and Adverse Media sources, in order to ensure that the new client is not subject to designation
or connected to those that are.
• Ongoing Monitoring: Firms will conduct reviews of all existing client names when there have been amendments to sanctions, PEP, and other watch or warning lists.
• Transaction Screening: Usually, domestic transactions are not screened for counterparty names, because of the assumption that other domestic financial institutions have already conducted sanctions checks against their customers. However, it is common practice to check the names of counterparties in international transactions because of the perceived
higher sanctions risk.
• Transaction Monitoring: Monitoring solutions are often configured to look for patterns of money laundering
or terrorist financing, but platforms are also used to identify potential patterns of activity which might
indicate involvement in sanctions evasion.
Smaller businesses with few clients and limited transaction volumes (private banks and family offices, for example) still undertake these actions through manual checks against lists, but even here, this is becoming extremely rare. It is much more common to see the use of automated solutions in all the aforementioned processes in most obligated businesses, the reasons for which are straightforward. Given the increasing pace and volume of business in a globalized economy, conducting
manual searches for every new customer or international transaction is both labor-intensive (and therefore costly)
and prone to human error. Although no system is perfect, the use of automated screening platforms allows
an efficient, consistent and auditable approach that minimizes unintended mistakes.
You may contact Swiss Security Solutions LLC today for help and support in implementation of the Sanctions regulations, Due Diligence, Business Checks and Background Checks.
Name: Jelena Bojic
Email: Send Email
Organization: Swiss Security Solutions LLC
Address: Schaffhauserstrasse 550, CH-8050 Zürich, Switzerland
Video URL: https://www.youtube.com/watch?v=WD2wPeOq0XI
Release ID: 89050147