AML Sanction and PEP Screening
We check entities across multiple global sanction & watchlist data sources. PEPs are individuals that function in government institutions, for example, heads of state or of government, politicians, government, judicial or military officials, and senior executives of state-owned corporations.
What sanction screen data sources are available?
- Office of Foreign Assets Control (OFAC)
- United Nations Security Council Sanctions List
- European Union Consolidated List
- UK Office of Financial Sanctions Implementation (OFSI):
- Canadian Special Economic Measures Act (SEMA) Sanctions List
- Australian Department of Foreign Affairs and Trade (DFAT) Sanctions List
- Swiss Sanctions List
- Financial Action Task Force (FATF) High-Risk Jurisdictions:
- World Bank Debarred List
- Private Data Providers:
When do you need to run Sanction Screening?
When a new customer is being onboarded, it’s important to conduct sanction screening to verify that the customer and any associated parties are not on any sanction lists.
Whenever there are changes to customer information, ownership, or beneficiaries, sanction screening should be performed to ensure that the updates are compliant with regulations.
Before processing financial transactions, especially international ones, it’s crucial to run a sanction screen on the parties involved to prevent engaging with sanctioned individuals or entities.
Any cross-border transactions, including payments, trade, and international business activities, should undergo sanction screening to avoid violating sanctions and embargoes..
When establishing partnerships or relationships with third-party vendors, suppliers, or business partners, sanction screening should be performed to ensure that these entities are not engaged with sanctioned parties.
If you’re dealing with individuals who hold prominent public positions or their close associates, performing sanction screening on these Politically Exposed Persons (PEPs) is crucial due to the higher risk of corruption and money laundering
Implement ongoing monitoring of customer accounts and transactions to identify any changes that might trigger the need for a sanction screen. This could include changes in transaction patterns, behavior, or other risk indicators.
If there are any red flags or suspicions related to a customer or transaction, conducting a sanction screen can help determine whether there’s a connection to sanctioned parties.
Establish a schedule for conducting periodic reviews of your customer base to ensure that their information is up-to-date and compliant with sanction regulations.
What is Sanction Screening?
Sanction screening is a process used by businesses, particularly financial institutions, to check customer names and transactions against government-issued lists of individuals, entities, or countries that are subject to economic sanctions, restrictions, or embargoes.
These lists are created and maintained by various governmental and international bodies to target individuals, organizations, and nations that are involved in activities such as terrorism, money laundering, proliferation of weapons of mass destruction, and other illicit activities.
The primary goal of sanction screening is to prevent businesses from inadvertently engaging with or facilitating transactions for individuals or entities that are on these sanction lists. Engaging in transactions with sanctioned parties can lead to legal and financial consequences for the business, including fines, penalties, and damage to reputation.
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