Know your customer

An airline is reported to being under investigation for any involvement in the sale of one of its older aircraft that ended up in Iran. Financial services firms are only too aware of the importance of compliance with US economic sanctions – Standard Chartered was fined $300m in November last year for sanctions breaches. Although banks are in the spotlight for ensuring they have effective anti-money laundering and sanctions compliance systems and controls in place, all firms need to be aware of the rules in this atmosphere of increased regulatory scrutiny. Although your KYC screening on direct customers may be