Sanctions & KYC Policy Pack
Sanctions policy, KYC procedures and counterparty screening checklist for regulated entities.
What it is and why you need it
Sanctions compliance and KYC are the two processes regulators check first. Yet most companies either have no documents at all or use formal templates that do not reflect actual procedures. This creates direct regulatory risk.
What happens without proper policies
- Regulatory directive for absence of sanctions procedures
- Processing transactions involving sanctioned persons and the resulting consequences
- Correspondent banks refuse to provide services
- Fines for inadequate client identification
- Reputational damage when violations are uncovered
- Licence suspension for systematic KYC breaches
What's included
| 1. Sanctions Policy | Screening procedures against sanctions lists (SDN, EU, UN). Procedure for handling matches, escalation and documentation |
| 2. KYP Policy | Business partner verification requirements: document requests, beneficial ownership analysis, risk assessment, periodic review |
| 3. Counterparty Sanctions Screening Checklist | Working tool for daily compliance officer use. Step-by-step screening procedure with fields for documenting results |
Who it's for
| Who | How they use it |
|---|---|
| Banks and non-bank financial organisations | Basic compliance minimum |
| MFOs and payment organisations | CBU requirements |
| Importers and exporters | Protection from sanctions risks in foreign trade |
| Legal and consulting firms | DNFBP obligations |
Why not to develop in-house
Sanctions lists and regulatory requirements are updated regularly. Our documents are developed in line with current CBU requirements, FATF recommendations and international sanctions compliance practice.
Frequently Asked Questions
Who needs a sanctions policy?
A sanctions policy is mandatory for banks, MFOs, payment organizations, and all financial market participants in Uzbekistan. It's also recommended for companies with international counterparties.
What does a KYC procedure include?
KYC (Know Your Customer) includes: client identification, document verification, risk assessment, transaction monitoring, and client data updates. Procedures differ for individuals and legal entities.
How often should sanctions lists be updated?
Sanctions lists should be updated daily or in real time. Key lists: UN, OFAC, EU, and Uzbekistan's national list. Screening automation is critically important.