Through the HM Treasury (the government’s economic and finance ministry), the Chancellor of the Exchequer informs that, in accordance with The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, obligated institutions apply special precautionary measures to persons and entities subject to financial sanctions pursuant to a resolution of the Council The Security of the United Nations.
Currently in the world, there are several separate lists of persons and companies subject to sanctions – these are the so-called Sanctions Lists. Some of the most popular ones are listed below:
- OFAC SDN and Consolidated non-SDN – Lists of entities, prepared by the Office of Foreign Assets Control of the US Treasury Department – SDN, and CSDN, i.e. consolidated sanction lists.
- BIS Entity List – trade restriction list published by the United States Department of Commerce’s Bureau of Industry and Security (BIS)
- United Nations Sanctions List – on the basis of a resolution of the United Nations Security Council on threats to international peace and security caused by terrorist attacks,
- European Commission Sanctions List.
- Polish Sanctions List – published by Ministry of Interior and Administration in Poland (MSWIA)
We can offer you sanctions screening tools for every sanctions list presented above, which includes:
- US sanctions screening (OFAC and BIS)
- UN sanctions screening
- European Union Sanctions screening
Client analysis – How can I check if my client is present on the sanctions lists?
The due diligence procedure requires obligated institutions to periodically verify their clients on the above-mentioned lists.
This process should be performed at the beginning of concluding a relation with the client (on-boarding) and later, cyclically, during the cooperation.
Of course, manual verification of each client is a tedious and troublesome task. It is also worth noting that the content of these lists is changed quite often.
Why is it worth considering the introduction of a tool supporting analysis on sanctions lists?
Having a tool enabling machine, automatic verification on sanctions lists (sanctions screening) – in the form of specialized software, brings many benefits, which include:
- Speed of analysis,
- Meeting the condition of cyclical analysis,
- Ensuring that the lists themselves are up-to-date – through the mechanism of automatic and maintenance-free updating,
- Ability to re-analyze the client or the entire client base when a new list is published,
- Mass analysis of contractors in terms of their presence on sanctions lists,
- Possibility to download data of persons for analysis (UBO) based on the institution’s VAT number – using the UBO Register.
Software for checking clients on sanctions lists (Sanctions Screening)
Why is it worth choosing our AML sanctions program?
The software we offer allows for mass and automatic verification of contractors on sanction lists published by the United Nations, the European Commission and the Office for Foreign Assets Control (OFAC).
Our specialized program for handling sanction lists can bring many tangible benefits for the compliance department, mainly by increasing the speed of searches and the possibility of automating repetitive activities.
Our program is able to store the history of searches performed on sanction lists, which is important when showing due diligence.
In addition to providing the service of searching and presenting the records found on sanctions lists, our system offers you a number of services and additional tools related to AML procedures, such as:
- E-mail reports from automatic analyzes,
- Storage of search history on sanction lists,
- Integration with CRM and ERP systems,
- Data export with analysis results in files and API,
- Full API access to Sanction Lists,
- Mass verification,
- Advice and consultations related to AML and IT tools,
- Free trial period – test of the tool for handling sanction lists,
- Possibility of cooperation with the PEP List module,
- Automatic and maintenance-free updating of sanction lists and their import to the system.
Please be advised that all of the services presented above are based on the SaaS model – software as a service.
This means our sanctions software is not sold in a box, but as a service. As a result, our solution does not require any additional fees (e.g. commissioning fees) – and the entire cost is a monthly or annual subscription.
In addition, it is worth mentioning that our client does not bear the costs of installation, rental or purchase of equipment, and the entire implementation takes place remotely, which in times of the COVID-19 pandemic is an additional advantage in favor of the cloud model.
The elimination of expensive elements allows us to offer you the service of searching sanction lists at a very favorable price.
Try our services without obligation.