Governments and regulators aim to restrict the transactions of individuals and organizations that commit various crimes. Since individuals and organizations in these sanction lists contain high risk, businesses have to detect these people and not perform their transactions. Businesses are required to scan their customers in sanctions lists to meet global and local AML requirements. There are more than 1000 dynamic sanction lists in the world and these sanction lists are changing very often. This makes manual sanction controls impossible. That's why businesses automate the check of sanction lists using AML software like Sanction Screening Services.
Sanction Scanner collects and structures more than 1000 sanctions and watchlists of more than 200 countries' regulatory and law enforcement agencies with Artificial Intelligence support. Businesses can also scan organizations, aircraft, and vessels in the data of Sanction Scanner. Businesses perform a more efficient and secure AML control with our structured data. With Sanction Scanner, businesses can safely perform sanction scans. Businesses can create custom search options based on their risk levels and reduce false positives. In addition, Sanction Scanner provides businesses the opportunity to scan with name, ID number, and passport number.
All financial institutions have to comply with AML requirements. In 2019, businesses that did not meet their AML obligations were fined more than $ 9 billion. Apart from fines, the fact that these businesses are on the agenda with such penalties causes them to lose their reputation. Sanction Scanner helps businesses comply with global and local AML regulations, with advanced algorithms and features. Protect your business from the risks of fines and loss of reputation with Sanction Scanner.