Sanctions Screening Software
Sanctions screening is a control employed within 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 organisations, 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.
AML is a shortcut for Anti Monety Laundering. Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. In United Kingdom, an AML audit involves the reporting of a suspicious activity to the authorities.
This includes a request from an AML audit firm to investigate the suspicious activity or a complaint from one of our partners or an official from an AML audit firm.
Sanctions screening is a part of AML procedure that have to be performed on new and existing customers due the the AML Directive of European Parliament. Those regulations require that the first AML screening test be carried out on all new customers for new health insurance policy and any other customers for whom such a procedure is required.
The procedure takes place at the request of the customer before any additional tests for insurance and any other procedures.