The International Organization for Standardization’s (ISO) new global messaging standard, ISO 20022, provides a unified language for electronic data interchange between financial institutions that is intended to increase efficiency, lower costs and enhance transparency for the financial system. The messaging format should aid institutions in the detection and investigation of potential sanction breaches. However, as institutions work to capture future benefits of the new messaging standard, sanctions professionals and their technology partners should be aware of several challenges the transition poses.  

This whitepaper explores several challenges of the transition and provides ways compliance officers can ensure sanctions compliance.