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According to the Wolfsberg Guidance, the most important factor a financial institution should take into consideration for developing an in-house sanctions screening system is:
The Wolfsberg Guidance on Sanctions Screening emphasizes data quality as the most important factor when developing or maintaining a screening system. High-quality, accurate, complete, and consistently structured data is essential to ensure proper matching, reduce false positives, and avoid missed true matches.
Even with strong IT capabilities or defined risk appetite, a screening system will fail if the underlying data is incomplete or inaccurate.
Wolfsberg Guidance: primacy of data quality in sanctions screening.
Importance of accurate customer and transaction data for effective matching.