Checking against sanctions lists
Checking against sanctions lists
The Sanctions List Checking System enables the bank to automatically match customer, beneficiary and counterparty data with international and national sanctions lists. It ensures compliance with AML/CFT requirements, reduces regulatory and reputational risks, and serves as an integral part of the due diligence policy.
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Sanctions Screening is a key precaution when servicing customers, making transactions and opening accounts. The system performs regular and/or triggered comparison of customer data and transactions with sanctions databases, including OFAC, EU, UN, HMT, national lists, as well as PEP (politically exposed persons), RCA and stop lists.
Functionality:
- Automatic check against multiple sanctions databases (including OFAC, EU, UN, SDN, RF and local);
- Monitoring both at the onboarding stage and at each transaction or data change;
- Support for fuzzy matching, transliteration and filtering by degree of coincidence;
- Integration with KYC, AML, CRM, ABS and payment processing channels;
- Generation of alerts and cases for escalation and verification;
- Support white-listing and documentation of inspection results;
- Support for FATF, Egmont Group, OFAC compliance framework, etc.
Who works with the system within the bank:
- Compliance officers and AML/CFT department
- Operational unit (in terms of payment control)
- Credit and corporate unit (due diligence)
- Legal department
- IT and integration / data specialists
System owners:
- Chief Compliance Officer (CCO) - key owner
- Head of financial monitoring service
- CIO/CTO - technical support, security and SLA compliance
What strategic objectives do the proposed solutions solve
Provides reliable protection for the bank from interactions with prohibited individuals and organizations under sanctions
This is critical for maintaining access to international settlements and preventing fines.
Meets regulatory requirements for checking clients and counterparties against risk lists
Automation of processes eliminates the human factor and reduces the likelihood of violations.
Ensures transparency and verifiability of compliance service actions when checking transactions and clients
This is necessary for audit, Central Bank inspection and internal control.
Make working with documents simpler and faster
Who are the solutions suitable for?
Results after solution implementation
Minimizing the risk of the bank being involved in sanctions and illegal schemes.
Reducing the likelihood of correspondent accounts being blocked and restrictions from payment systems.
Strengthening the bank’s reputation as a reliable participant in the financial market that meets international standards.
Processes are optimized, routine operations are automated, and employees have more time for truly valuable tasks.
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