The European Commission, in its ongoing efforts to strengthen AML and CFT (Countering the Financing of Terrorism) regimes, has updated its list of high-risk third-country jurisdictions. This update involves the addition of two jurisdictions, Nigeria and South Africa, which have been identified as presenting strategic deficiencies in their AML/CFT frameworks. At the same time, two other jurisdictions, Cambodia and Morocco, have been delisted following significant progress in addressing their AML/CFT shortcomings.
These recent developments highlight the crucial need for effective sanctions screening measures to combat financial crimes effectively. Sanctions screening plays a pivotal role in identifying individuals and entities associated with criminal activities or prohibited by law.
Verify 365, a leading provider of advanced AML (Anti-Money Laundering) and KYC (Know Your Customer) technology, emphasises the significance of sanctions screening following the recent updates made by the European Commission on high-risk third-country jurisdictions. The EU’s commitment to combating money laundering and terrorism financing underscores the critical role that Verify 365’s cutting-edge solutions play in enabling law firms and businesses to ensure compliance and mitigate financial risks.
Verify 365’s advanced ongoing sanctions screening solution utilises robust algorithms and extensive databases, which include global watchlists such as those issued by governments and international organisations. By integrating sanctions screening into their due diligence processes, law firms and businesses can proactively identify and mitigate risks associated with high-risk individuals and entities.
The recent updates made by the European Commission reinforce the importance of ongoing monitoring. Verify 365’s state-of-the-art monitoring tools provide real-time insights into potential risks or changes in client behaviour, ensuring compliance with regulatory requirements. Leveraging advanced analytics and machine learning capabilities, law firms and businesses can promptly detect suspicious activities, monitor transaction patterns, and demonstrate a proactive approach to mitigating financial crime risks. Ongoing monitoring is an essential component of an effective AML and KYC compliance framework, allowing organisations to minimise the risk of facilitating money laundering, fraud, or other illicit activities.
In addition to sanctions screening and ongoing monitoring, Verify 365 offers cutting-edge digital verification solutions that streamline client onboarding processes while enhancing accuracy and efficiency. Traditional manual verification methods are prone to human error and can cause delays in onboarding clients, potentially leading to compliance gaps. Verify 365’s digital verification solutions leverage advanced technologies such as biometric authentication, facial recognition, and document verification to expedite the verification process. By accurately verifying the identities of clients, these solutions reduce the risk of impersonation and identity theft while ensuring a seamless onboarding experience.
“At Verify 365, we understand the critical role that sanctions screening plays in maintaining regulatory compliance,” said Rudi Kesic at Verify 365. “The recent updates from the European Commission emphasise the necessity of robust compliance measures, and our technology provides law firms and businesses with the tools they need to effectively screen for sanctions and stay ahead of regulatory changes.”
Verify 365’s AML and KYC technology offers seamless integration with existing systems and workflows, providing law firms and businesses with a comprehensive compliance solution tailored to their specific needs. The user-friendly interface and robust reporting capabilities allow organisations to maintain a holistic view of their compliance activities, facilitating effective communication with regulators and auditors.
As the regulatory landscape continues to evolve, Verify 365 remains at the forefront of providing innovative AML and KYC technology solutions. By harnessing advanced algorithms, ongoing monitoring, sanctions screening, and digital verification, law firms and businesses can safeguard their reputation, protect client interests, and strengthen their compliance practices.
To learn more about Verify 365’s comprehensive compliance solutions, including the importance of sanctions screening, please visit