How often should a financial institution refresh and update its screening lists to meet regulatory...

Sanctions and Compliance Domains and regulatory authorities such as OFAC, EU, and OFSI require institutions to update sanctions lists as quickly as possible after a new designation or change is published.

Weekly, biweekly, or monthly cycles are insufficient and can result in missed designations. Financial institutions must adopt systems that update sanctions lists promptly to maintain compliance and avoid facilitating prohibited transactions.