De-risking is dangerous for the Financial Institution itself!
Following up on our “de-risking” video shared last week, this is a slide showing how de-risking is being practiced.
In this case, the compliance officer should look into the sanctions of Syria, and understand, what is exactly sanctioned under the OFAC and Cesar’s Act, instead of directly rejecting the account.
If the concerned person is not related in any case to the Syrian Government or the Assad family, rejecting the account would be practicing “de-risking”.
#compliance #derisking #aml #amlcft #amlcompliance #inanutshell #inanutshellbymj