The sanction means measures taken by countries to restrict trade and official contact with a country with broken international law . Sanction Screening Service helps companies detect financial crimes and comply with AML / KYC regulations. There are thousands of sanctioned people, organizations, and countries in the world . New sanction lists are published every day in the world. So far, there are thousands of sanction lists published in the world. The sanction screening list includes people who have sanctions against them. Sanction Screening Software allows you to search and query from these lists.
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Why Is It Important to Check These Sanction Lists?
Financial crimes such as money laundering and terrorist financing are a great risk for businesses; with technology development, the financial crime rate and types of financial crime increase. Firms have to take various precautions to avoid harm from these financial crimes. Regulators comply with some regulations to protect enterprises from financial crimes. In addition, regulators prohibit transactions with individuals and entities that have been sanctioned . Economic sanctions and embargoes restrict financial transactions.
Why Do You Need to Sanction Screening Services?
At the beginning of our content, we said that there are thousands of sanctions lists in the world. Most of these sanction lists have different structures. These lists have a complex structure. So it isn't easy to check these lists manually. Furthermore, it is almost impossible to control such a list manually. You have to spend hours controlling a single person. Sanction Screening Services solve this problem. Now you don't have to spend a lot of time checking your sanction lists. Using Sanction Screening Services, you can check the sanction lists in seconds.
Moreover, it is a safer method than manual controls. Screening services support your Anti Money Laundering Compliance software. Companies need sanctions screening in transaction monitoring, customer onboarding, and international trade processes.
Sanction Screening in Customer Onboarding Processes - Case Study
Why Is AML Screening Important for PEP Lists?
It is risky to have business relationships with people or organizations on the Political Exposed Persons (PEPs) and Sanction Lists. PEPs can be high-level govern ment officials, families, business partners, and senior executives of a state-owned business. Organizations can identify AML / CTF compliance regulations by applying Customer Due Diligence (CDD) procedures part of Know Your Customer (KYC) when they first contact their customers. Companies that do not comply with screening may lose their reputation and risk financial collapse. For this reason, PEP sanction screening should be done to ensure the AML Compliance Program.
Which Lists Can You Check-in Sanction Screening Services?
With Sanction Screening Services, you can check the sanction lists all over the world. Countries or organizations apply various sanctions lists.
Some major sanction lists are:
- OFAC Sanction List
- UN Sanction List
- UK Sanction List
- Switzerland Sanction List
- Australian Sanction List
Sanction Scanner's AML database contains sanction list data for more than two hundred countries. Thus, Sanction Scanner provides global comprehensive and real-time sanction data to Sanction Screening services.
What Are The Benefits of Sanction Screening Services?
The biggest benefit of these Sanction Screening Services is that it saves time. Now employees can use this time more efficiently. Sanction Screening Services also protect businesses from false queries. Screening software allows the detection of financial crimes. Millions of financial transactions occur within the day from banks, payment companies, and other financial institutions. These transactions include financial crimes. Firms need to check transactions to ensure compliance requirements. With sanction screening systems, companies can anti-money laundering, corruption, terrorist financing, bribery, and other financial crimes. These controls are conducted by compliance officers working in companies. The compliance officer creates Suspicious Activity Reports (SARs) for the transactions detected after the sanctions screening, and these reports are submitted to the Financial Crimes Enforcement Network (FinCEN) if the transactions involve more than $ 10,000 or more, this time a Currency Transaction Report (CTR) is created about these transactions.
What Are The Advantages of a Sanction Scanner?
Sanction Scanner provides AI-Driven enhanced AML Name Screening Software. Our AML/KYC compliance solutions help you reduce false positives with our artificial intelligence-supported algorithms. We always keep our lists up to date. We check and process updated lists every fifteen minutes. With API integration, your queries are done automatically. If a Suspicious transaction occurs with Our Transaction Monitoring Software, it will give you an alarm. You do not have to pay the license fee to use the Sanction Scanner. You only pay for the number of queries you need.
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- AML Name Screening Software
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Transaction Monitoring Software
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Transaction Screening Software
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