How do you do a sanctions screening?

TOP TIPS for effective sanctions screening

1. Prepare your customer data well. Financial crime compliance costs have escalated, requiring greater focus on operational efficiency in KYC/AML.
2. Use proven, reliable technology to support sanctions screening.
3. Screen against high quality and comprehensive sanctions data.

What is screening process in KYC?

“Name screening refers to the process of determining whether any of the bank’s existing or potential customers are part of any blacklists or regulatory lists”.

What is sanctions screening software?

Sanction Screening Service helps companies detect financial crimes and comply with AML / KYC regulations. There are thousands of sanctioned people, organizations, and countries in the world. New sanction lists are published every day in the world.

What are the 3 stages when a sanction screening is triggered?

Sanctions screening is applied at various stages of customer lifecycle: KYC and Customer Due Diligence checks – Information pertaining to the primary customer and associated parties are captured and screened. Transaction screening – Transactions such as overseas remittances, trade finance, etc.

Who should be subjected to sanctions screening?

PEP and Sanctions Lists Screening Requirements All businesses that are considered high-risk, such as those in the financial industry (Money Services Businesses MSB), Insurance industry, Law firms etc. must perform sanctions lists and PEP data checks and screenings.

Why do we do screening in KYC?

Performing KYC screening allows your financial institution to pick up on your customers’ existing legal sanctions, their adverse media coverage and whether there is a politically exposed person (PEP) involved. PEPs are those who hold political office or other major roles, such as being a member of a supreme court.

What are the KYC guidelines?

KYC Documents Individuals

• Individuals (Documents acceptable as proof of identity/address) Passport.
• Minors. If minor is less than 10 years of age, ID proof of the person who will operate the account to be submitted.
• NRIs. Passport and Residence Visa Copies, duly attested by.
• Small Accounts.

Who imposes sanctions in KYC?

Sanctions in the United States are implemented and enforced by the Treasury Department’s Office of Financial Assets Control (OFAC).

What are the key client attributes in KYC process?

The Company has framed its KYC policy incorporating the following four key elements: (i) Customer Acceptance Policy; (ii) Customer Identification Procedures; (iii) Monitoring of Transactions/ On-going Due Diligence; and (iv) Risk Management. 3.

Is your CDD/KYC and sanctions screening Integrated?

To be successful in Compliance today, CDD/KYC and Sanctions Screening can no longer be independent processes—OFAC and other screening must be integrated with Customer Due Diligence software solutions.

What are the best CDD/KYC solutions for AML partners?

The best CDD/KYC solutions require the best sanctions-screening tools, and for AML Partners that means SURETY-Sanctions Screening, a screening solution that includes five advanced algorithms and the most robust whitelisting options we could imagine.

How do I use surety-sanctions screening?

SURETY-Sanctions Screening can be used as a stand-alone application or it can operate within the SURETY Suite of AML Compliance products. The SURETY Suite includes SURETY-CDD®, a feature-packed KYC solution; SURETY-Behavioral Monitoring with optional 314a Module; and SURETY-Sanctions Screening.

How do financial institutions identify sanctions sanctioned customers?

Financial institutions are under more pressure than ever before to leverage their Customer Due Diligence (Know Your Customer) and screening technologies to identify customers sanctioned by international and OFAC sanctions lists.