Sanctions Screening Software
Under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, obliged institutions must apply enhanced measures to any person or entity subject to financial sanctions. HM Treasury, the UK government’s economic and finance ministry, publishes and updates these regimes, including those adopted under United Nations Security Council resolutions.
Around the world there are several separate lists of sanctioned persons and companies, known as sanctions lists. The most widely used include:
- OFAC SDN and Consolidated (non-SDN) – lists of entities prepared by the Office of Foreign Assets Control of the US Department of the Treasury (SDN and CSDN, i.e. consolidated sanctions lists).
- BIS Entity List – a trade restriction list published by the Bureau of Industry and Security (BIS) of the United States Department of Commerce.
- United Nations Sanctions List – based on United Nations Security Council resolutions on threats to international peace and security caused by terrorist attacks.
- European Commission Sanctions List.
- Polish Sanctions List – published by the Ministry of the Interior and Administration in Poland (MSWiA).
- The UK Sanctions List.
We offer sanctions screening tools for every sanctions list presented above, including:
- US sanctions screening (OFAC and BIS)
- UN sanctions screening
- UK sanctions screening
- European Union sanctions screening
Client analysis: is my client on a sanctions list?
Due diligence requires obliged institutions to verify their clients against the lists above on a regular basis.
This should be done when the relationship is established (onboarding) and then periodically throughout the cooperation.
Manual verification of every client is a tedious and time-consuming task, and the content of these lists changes frequently.
Why use software to support sanctions list screening?
Using a tool that performs automatic, machine-based verification against sanctions lists (sanctions screening) in the form of dedicated software brings many benefits, including:
- Speed of analysis,
- Meeting the requirement for periodic re-screening,
- Keeping the lists themselves up to date through automatic, maintenance-free updates,
- The ability to re-screen a client or the entire client base when a new list is published,
- Bulk screening of counterparties for their presence on sanctions lists,
- The ability to retrieve data on persons for analysis (UBO) from an institution’s VAT number using the UBO register.
Software for checking clients against sanctions lists (sanctions screening)
Why choose our AML sanctions program?
Our software enables mass, automatic verification of counterparties against sanctions lists published by the United Nations, the European Commission and the US Office of Foreign Assets Control (OFAC).
Our dedicated program for handling sanctions lists delivers tangible benefits for the compliance department, above all by speeding up searches and automating repetitive tasks.
Our system stores the history of searches performed against sanctions lists, which is essential when demonstrating due diligence.
In addition to searching and presenting the records found on sanctions lists, our system offers a range of services and additional tools related to AML procedures, such as:
- Email reports from automatic analyses,
- Storage of search history on sanctions lists,
- Integration with CRM and ERP systems,
- Data export of analysis results to files and via API,
- Full API access to sanctions lists,
- Bulk verification,
- Advice and consultations on AML and IT tools,
- A free trial period to test the sanctions list tool,
- Integration with the PEP list module,
- Automatic, maintenance-free updating of sanctions lists and their import into the system.
FAQ
What is sanctions screening?
Sanctions screening checks whether a person or a company appears on sanctions lists, such as the EU, OFAC SDN and Consolidated, UN and UK lists. It is a core part of AML and CFT compliance.
Is there a sanctions screening API?
Yes. The Sanctions Lists Search module is available over a REST API, so you can screen individuals and companies against sanctions lists automatically instead of checking lists by hand. PEP and sanctions screening are also available together in one API through AML Scanner.
Which sanctions lists do you check against?
We check against the EU sanctions list (e-CTFSL), the OFAC SDN and Consolidated lists from the US Treasury, the UN sanctions lists and the UK Sanctions List.
Can I screen companies and people in bulk?
Yes. You can send data in bulk from a file and run mass analysis in the background, which is useful for onboarding and for periodic re-screening of a whole customer base.
How is the sanctions screening software licensed?
Sanctions Lists Search is licensed either as a fixed-term subscription with no request limit or as pre-paid query packages for smaller volumes. Pre-paid packages work like pay-as-you-go and have no expiry date.
Find out more
All of the services presented above are delivered as a SaaS model – software as a service.
This means our sanctions screening software is not sold in a box, but provided as a service. There are no additional fees (such as commissioning fees); the entire cost is a monthly or annual subscription.
Our clients also avoid the cost of installing, renting or purchasing equipment, and the whole implementation is carried out remotely, which is a further advantage of the cloud model.
Eliminating these expensive components lets us offer sanctions list screening at a very competitive price.
Try our services with no obligation.