What is the name of the Lloyd's system that stores information about sanctions in foreign countries?

What is the name of the Lloyd's system that stores information about sanctions in foreign countries?

• A. Crystal.
• B. GABRIEL.
• C. ARROW.
• D. OFAC.

Answer: (A)

The name of the Lloyd's system that stores information about sanctions in foreign countries is known as Crystal. This platform is designed specifically to assist the insurance market in adhering to compliance and regulatory requirements regarding international sanctions. By utilizing this system, Lloyd's participants can effectively access and manage information related to financial sanctions imposed by various foreign governments, thereby ensuring that they avoid conducting business with sanctioned entities. Other options represent different tools and systems. GABRIEL is a reporting system used in the UK insurance market for regulatory purpose, while ARROW refers to a framework used for assessing the risks related to insurers. OFAC, on the other hand, stands for the Office of Foreign Assets Control and is a U.S. government body that administers and enforces economic and trade sanctions against targeted foreign countries and regimes. However, these do not specifically pertain to the Lloyd's framework for tracking sanctions. Thus, Crystal is the correct answer as it directly relates to the context of sanctions within the Lloyd’s market.

The name of the Lloyd's system that stores information about sanctions in foreign countries is known as Crystal. This platform is designed specifically to assist the insurance market in adhering to compliance and regulatory requirements regarding international sanctions. By utilizing this system, Lloyd's participants can effectively access and manage information related to financial sanctions imposed by various foreign governments, thereby ensuring that they avoid conducting business with sanctioned entities.

Other options represent different tools and systems. GABRIEL is a reporting system used in the UK insurance market for regulatory purpose, while ARROW refers to a framework used for assessing the risks related to insurers. OFAC, on the other hand, stands for the Office of Foreign Assets Control and is a U.S. government body that administers and enforces economic and trade sanctions against targeted foreign countries and regimes. However, these do not specifically pertain to the Lloyd's framework for tracking sanctions. Thus, Crystal is the correct answer as it directly relates to the context of sanctions within the Lloyd’s market.