Sanction Screening is a control employed within the Financial Institutions (FIs) to detect, prevent, and manage sanctions risk. Screening should be undertaken as part of an effective Financial Crime Compliance (FCC) programme, to assist with the identification of sanctioned individuals and organizations, as well as the illegal activity to which FIs may be exposed. It helps identify areas of potential sanctions concern and assists in making appropriately compliant risk decisions. In todays’ word, it is difficult to maintain a balance between operational efficiency and effective risk mitigation as the cost of financial crime compliance is increasing.
Our Financial Crimes Screening software provides end-to-end solution using Artificial Intelligence Technology. Our solution is capable to match the customer’s data (Such as CNIC/Passport/Driving License/Any Government Issued Document such as Social Security Number with the designated/proscribed person listed on any Sanction List. Several discounting factors (CNIC/Passport/Driving License/Any Government Issued Document such as Social Security Number, Date of Birth, Place of Birth, Nationality, Mother’s Name, Father’s Name, Address and Customer Profile) are used to discount the alert generated against a particular customer’s name using multiple factors such as “Fuzzy Matching” algorithms, workflows and match rules.
Sanction Screening cannot detect every possible sanction risk due to wide range of variables in which a string of text could be altered and still convey the same meaning. Sanctions Screening is dependent on a range of factors, including the type, availability, completeness and quality of data, as well as the inherent sanction risks to which an Financial Institution, its products, customers and services are exposed.
Sanction Screening cannot detect every possible sanction risk due to wide range of variables in which a string of text could be altered and still convey the same meaning. Sanctions Screening is dependent on a range of factors, including the type, availability, completeness and quality of data, as well as the inherent sanction risks to which an Financial Institution, its products, customers and services are exposed.
Subscribe For Newsletter