Sample interview questions: How do you ensure financial compliance with international sanctions or embargoes?
Sample answer:
Ensuring Financial Compliance with International Sanctions or Embargoes
As a Finance Manager, ensuring financial compliance with international sanctions or embargoes is crucial for mitigating legal and reputational risks. Here are key steps I would take:
- Establish a Robust Compliance Framework: Develop a comprehensive compliance program that outlines policies and procedures for screening transactions, monitoring accounts, and reporting suspicious activity.
- Implement Screening Tools: Utilize automated or manual screening systems to identify entities, individuals, and transactions that may be subject to sanctions.
- Train Staff: Educate employees on sanction regulations, reporting requirements, and the consequences of non-compliance.
- Conduct Regular Risk Assessments: Regularly review compliance policies and procedures to identify vulnerabilities and update them as necessary.
- Monitor Accounts and Transactions: Monitor financial transactions for unusual patterns or activity that may indicate po… Read full answer