Checking against restricted parties.
WHAT SANCTIONS ARE
Legal restrictions on dealing with specified persons, entities or countries.
WHY THEY MATTER ABSOLUTELY
Breaches carry severe penalties, and intent is frequently not required.
WHAT TO SCREEN
Customers at onboarding Customers periodically thereafter Counterparties in transactions Beneficial owners of business customers
WHAT LISTS APPLY
Those of your jurisdiction, and of any jurisdiction whose currency or institutions you touch.
WHY THAT SECOND POINT MATTERS
Transactions in certain currencies bring other jurisdictions' rules into scope.
WHAT SCREENING PRODUCES
Matches, most of which are false.
WHY FALSE MATCHES ARE COMMON
Common names, transliteration differences, and partial matching.
WHAT THAT REQUIRES
A review process, with trained reviewers.
WHAT TO RECORD
Every match, and the reasoning for clearing or escalating it.
WHY
It is the evidence that controls operated.
WHAT TO DO ON A TRUE MATCH
Follow the defined process: block, report, and do not proceed.
WHAT TO NEVER DO
Proceed while investigating.
WHAT TO KEEP CURRENT
Lists, which are updated frequently.
WHAT TO AUTOMATE
Screening and list updates, with human review of matches.
