Sanctions screening: Avoid risky relationships and know who you are doing business with >
The need for sanctions screening
Recent cases and settlements brought forth by many financial regulators highlights the need of financial institutions (and other organizations like casinos, universities, manufacturers and multi-nationals) to have a robust sanctions screening program in place.
Not only should organizations be using updated lists, they should also have procedures in place to screen clients regularly (including PEPs), investigate and remediate any potential suspicious relationships, and finally automate the reporting of suspicious activities.Download brochure
What sanctions screening with Alessa can do for organizations
Allows users to evaluate the risk of an entity by entering their informationhttps://alessa.caseware.com/brochures/risk-intelligence-id-verification/
Promptly identify changes in risk profiles for the entire customer base
Allows onboarding and transaction monitoring systems to assess the risk of an entityOur expanded capabilities
Know who you are doing business with and whether you should do business with them
When a name is sent to the screening process, Alessa analyzes its inherent structure and performs AI-based comparisons using natural language processing (NLP) techniques including neural networks, Markov models, transliteration rules, and word embedding vectors.
These key capabilities mean Alessa will match entities by factors like name, date of birth and names in native characters. When potential matches are found, the alert includes a score which represents a strength of the match.
To reduce the number of matches and ease the screening process, Alessa is configured to only return alerts above a certain confidence score.
Identifying and Triaging Matches
Alessa creates a unique user experience for investigators by presenting a triaging interface to easily confirm or dismiss a prospect a prospective match and log decisions for future audits and investigations.
Depending on the sources and lists, prospect details may include:
- Profile information like aliases, nationality and date of birth
- Contact information including phone numbers and email
- A navigable network of known connections
- A timeline of key incidents such as convictions and sentencing
- A map of known locations including street level views
- Public internet sources and lists that name the prospect
Sanctions Placed on Forex Broker for Money Laundering
Canadian Accu-Rate, its president and managing director were sanctioned for being a “subsidiary or affiliate company” of a third-party payment processor called PacNet Services Ltd.Read more
Sanctions Risk - What's the Problem?
In this webinar, our experts discuss the risks, legal requirements and established conventions when dealing with sanctioned entities.Learn more
Ready to implement or upgrade your sanctions screening program?
Get in touch to learn more about how Alessa can help your organization.