In recent years it has become critical for financial institutions to know and understand where they and their customers are doing business. An increasing frequency and quantum of fines have been levied on banks for breaches, particularly by the American government in both civil and criminal legal actions. The vast majority of these fines have been for banks that have permitted transactions involving embargoed countries.
Guidance from enforcement agencies, through details of enforcement actions, tells us that banks are expected to screen and block payments including words such as Khartoum, or Sudanese. However regulatory and enforcement agencies do not provide lists of cities and other geographic names in the same way that they provide lists of terrorists. Financial institutions are expected to take their own initiative in addressing the risks.
There are 83 languages in the world that have over 10 million speakers. Each of these languages can have a different word for the same place. For example, the major Syrian city of Aleppo is called Halep in Turkey. if you are receiving a payment originating from Aleppo processed by a Turkish bank, don’t expect the payment to quote Aleppo in a nice easy conventional English spelling.
The many names of Aleppo include:
ܚܠܒ 알레포 アレッポ อะเลปโป Alep Alèp Alepas Alepo
Aleppo Aleppó Aleppu Beroea Halab Haleba
Halep Heleb Hələb Xalab حلب חאלב Χαλέπι Алеп Алеппо Горад
Халеб ХӀалаб Халеб Халеб хот Хәлеб Հալեպ ალეპო
अलेप्पो हलब ਹਲਬ அலெப்போ അലെപ്പോ আলেপ্পো 阿勒颇
Some languages are written in scripts other than Latin, for example Cyrillic, Greek, and Arabic. These scripts are becoming more important for banks who defy legacy system limitations and implement new solutions that treat the world as it really is, a diverse place.
The SQA CTRP List can provide all of the names for every country in the world. You just choose how much of our master list of 4.5 million names you wish to take. We revise the list monthly, and you choose how often you want to receive updates.
It’s all about making the world a safer place for you to do business.