Sanctions are restrictions imposed by governments or organizations to prevent high-risk people from engaging in suspicious and illegal activities. Governments or organizations publish these sanction decisions publicly on the sanction lists. The sanction lists are increasing day by day and the people in these lists change frequently.
All institutions, especially financial institutions, must comply with these sanction decisions and do not perform sanctioned people's transactions. Organizations have to control to sanction lists not to violate sanctions and do not mediate sanctioned people's transactions. Considering that the sanction lists are dynamic and there are thousands of sanction lists in the world, we can say that it is impossible to check the sanction lists manually.
Sanction Screening services such as Sanction Scanner enable businesses to perform sanction check processes safely in seconds. Sanction Screening services collect countries' sanction lists and offer the businesses possibility to control their clients by the search.
Advantages of Sanction Screening Service
•Sanction Screening Service reduces the workload of businesses.
•Sanction Screening Service prevents violating sanction decisions.
•Sanction Screening Service provides the detection of high risk and banned people.
•Sanction Screening Service enables the detection of suspicious transactions and financial crimes.
•Sanction Screening Service protects the company's reputation.
•Sanction Screening Service enables businesses to perform customer onboarding processes in accordance with AML regulations.
•Sanction Screening Service strengthens and speeds up AML compliance of businesses.
Sanction Screening on Customer Onboarding
If your business under Anti-Money Laundering obligation, you have to perform your customer onboarding (client account opening) processes following AML regulations. Businesses have to identify the customer's identity and determine the customer's risk level when performing the account opening process. Sanction & PEP services enable the customer to determine the level of risk and help companies meet their "Customer Due Diligence" obligations. Businesses can check their new customers in sanctions and PEP lists in seconds, and customer account opening is carried out without delay.
Sanction Screening on Customer Transactions
According to the announced data, millions of dollar financial crimes such as money laundering, terrorist financing, bribery and corruption are committed every year through financial systems. Therefore, financial institutions must carefully check the payments, remittances and money transfers of customers. Businesses scan the receiver and sender in the sanction lists during the money transfer process with the sanction screening service. If the system catches a match, the customer's financial transaction is stopped and the business does not violate sanction.
With its API support, Sanction Scanner automates companies' control of receiver and sender. Financial institutions can integrate Sanction Scanner with their own systems and automate all Sanction & PEP scanning processes. Thus, companies can meet AML obligations without delaying their customer transactions.
Why Should Businesses Choose Sanction Scanner?
•AML, Sanction & PEP data from more than two hundred countries
•Sanction data for aircraft and vessel
•No setup and license fee
•GDPR compatible results
•Pricing only based on the number of queries you need
•Multiple search options with name, ID number and passport number
•Enhanced Parametric Monitoring Settings
•Local Blacklist & Whitelist Management
•No charge per user
You can contact us to discover the Sanction Scanner and get information about our AML solutions.