During the set-up stage we will work with you to understand how you would like to undertake your financial sanctions screening. Select from a wide range of regulatory lists and include Politically Exposed Person (PEP) screening if also required. Next, the parameters of the screening system are defined. Multiple profiles can be configured enabling different customer groups to be screened in different ways. If segregation is required for different divisions of your business then multiple accounts can be set-up to operate under the one contract. This ensures you achieve your goals and also gain greater volume savings.
Updates to financial sanctions and Politically Exposed Person (PEP) lists are obtained as soon as they are made available. This information is then put through our cleansing and enhancement routines before being loaded into our database for use is our screening solution. This processing enables more accurate and quicker matching against your information.
When information is submitted for sanctions screening it first is subject to a cleansing process. This reduces the chance of missed matches and aligns your information to how the financial sanction and Politically Exposed Person (PEP) lists are held.
A wide range of factors can lead to missed matches and false matches. Our screening process has been developed to minimise this issue. When the matching takes place we take into consideration alternative name spellings, names reversal, fuzzy matching, initials (where required) and more.
Reviewing potential matches is one of the largest challenges faced once a screening solution has been put in place. Our automated decision rules undertake comparisons between the information you provide and that on the potential match. When a rule is triggered the match is marked as false and a reason code assigned.
Our clients have achieved a reduction of up to 80% in the potential matches they need to review, saving time and reducing costs.
Sanction and Politically Exposed Person (PEP) lists change on a regular basis. Keeping your screening up to date minuses the risk of conducting business with a listed party or not being aware of a new PEP status. We simplify this task by providing an ongoing monitoring service. As updates are received to the lists screened against, we automatically submit any new or changed entries for monitoring. These are screened against names previously submitted with a notification be sent of any new potential matches requiring review.
Where the sanctions screening has created a potential match this is recorded as a request that requires processing. On reviewing the request the user is presented with all of the details submitted in a head to head display with the sanctions or PEP list information. Status and reason codes can be quickly assigned to indicate if the match was true or false.
Where further investigation is required requests can have different statuses assigned to escalate the request. After the investigation has been undertaken the ability to add notes and attachments is available. This allows the full evidence for a decision to be recorded.
A full audit trail is recorded within each requests providing information of the actions taken by a user and when.
Multiple access points
Different businesses will have different requirements when it comes to implementing sanctions screening and integrating it in to their business. For some a simple on-line sanctions check is all that is required. For others, a more automatic sanctions processing is required.
On-line sanctions screening
Through our web based portal submit a quick sanctions check and receive instant results. Perfect for supporting your investigation processes.
Integrated sanctions screening
Everyone is looking to streamline their customer on-boarding process, aiming to provide a better user experience. This requires sanction checking to be undertaken seamlessly. Out API has been designed to be quick and simple to implement, enabling this essential step to be put in place with minimal impact.
Batch sanctions screening
Either via our web portal or transmitted using SFTP your data files can be securely transferred to our system over an encrypted channel. Where additional security is required PGP encryption can be applied to the file before it is sent.
Bulk Sanctions screening responses
In some scenarios you may wish to receive a response to a batch direct to your systems to enable further processing to be undertaken. This can be achieve simply through our batch sanctions screening response service. As soon as your batch has been processed, the information is packaged and transmitted back.
Our fee structure is based on the volume of parties screened, not the depth of your pockets. We will not adjust our pricing because we feel you are more likely to be fined or can give us a bigger pay day. Careful consideration has been given to ensure our service will offer the right combination of value and everything you would expect in a robust sanctions screening solution.
As a cloud based solution we understand that there are likely to be some reservations about placing data on third party systems. For this reason, data security was a fundamental requirement from day one when designing our service. We believe all information should be handled securely and given a high level of protection. Every element of our operation has information security built in, from operating a paperless office to the encryption of electronic data. We are a UK based company, with ISO 27001 certification and ensure we are in compliance with UK and EU data protection regulations.
Our servers are situated in two ex-Ministry of Defence facilities with 3m reinforced concrete walls, solid steel doors, and 24-hour CCTV – backed by visual verification of all persons entering, escorted access, and Electro Magnetic Pulse (EMP) and Tempest RFI intrusion protection.
We also recognise that not being able to carry out a sanctions check when it is needed can impact your business. To minimise this, we provide full business continuity as an integral part of the service.
Using high availability architecture to ensure no single point of failure, our service is designed to be available when you need it. Real-time replication of all systems to a second, geographically remote datacentre, means we are fully prepared. Where exceptional circumstances result in the loss of our primary datacentre, our service will be back within a short time.