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 informationUsing World-Check
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.Best Practices for Sanctions Screening
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
Major Fines Show Importance of Avoiding Sanctioned Entities
U.S. and U.K. financial instituitions are facing the penalties for transacting with sanctioned entities.Read more
Enhancing Compliance With Sanctions Screening Guidelines
In this webinar we review the recent Wolfsberg Guidance on Sanctions Screening and provide concrete actions that FIs can take to improve the effectiveness of their AML program.Read more
Increased Sanctions and OFAC Penalties
The U.S. government has turned up the heat on countries facing sanctions and in the penalties for those who violate the sanctions.Read more
Ready to implement or upgrade your sanctions screening program?
Get in touch to learn more about how Alessa can help your organization.