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The gold standard in sanctions list screening

 

BNP Paribas: $8.9 billion. Commerzbank AG: $1.45 billion. HSBC: $1.9 billion. As these banks and anyone in the anti-money laundering (AML) compliance business can tell you, breaching sanctions can come with a costly price tag. To be compliant with AML regulations, it’s essential for banks, money services businesses and other types of financial institutions to screen their customers against sanctions lists to ensure they don’t do business with high-risk individuals or entities.

Organizations found to have not taken steps to avoid conducting business with sanctioned groups, people and countries can expect to be slapped with severe penalties and fines that could damage the business beyond repair.

As part of our  AML compliance solution, which has Know Your Customer, transaction monitoring and regulatory reporting capabilities in a single platform, we also offer our customers sanctions list screening capabilities. One of the sanctions lists that our solution is integrated with is the World-Check database, the most comprehensive, high-quality and up-to-date sanctions screening tool available today.

Now offered by Refinitiv, World-Check currently includes hundreds of thousands of sources. The database is continuously updated by hundreds of global research analysts speaking more than 60 languages who review more than 530 sanction, watch and regulatory law and enforcement lists daily.

The database is also unique because it monitors thousands of information sources related to politically exposed persons (PEPs) and people and groups not found on official lists. World-Check definitively delivers the widest financial crime-related coverage available, and in one year alone identified more than 180 entities before they showed up on the U.S. Treasury Office of Foreign Assets Control (OFAC) list.

The World-Check database perfectly complements the AML compliance solution offered by CaseWare. Like World-Check, our solution is comprehensive and is unique because—within one platform—it helps financial institutions meet AML compliance requirements across all key areas of regulation.

With our solution, compliance teams have access to advanced and configurable analytics, visualizations, workflows, alerts and case management capabilities. Organizations can identify high-risk individuals and entities with the help of World-Check; detect suspicious transactions; manage investigations and compliance risks through automated workflows; and automatically fill in and then electronically file reports to regulators.

To learn more about how the  World-Check database and our AML compliance solution can together help your organization avoid doing business with risky individuals and groups, contact us.

 

About Andrew Simpson

Andrew Simpson (LinkedIn | Twitter) is Chief Operating Officer at CaseWare RCM and has more than 20 years of experience building businesses in the fields of information systems audit and security, data analytics, Anti-Money Laundering and forensics. He is a regular contributor to conferences and a recognized thought leader in financial crime management.