Do you need help finding updated information on your customer base? Be prepared to know all about it

Organizations are facing the consistent challenge of being aware of real-time sanctions screening, while not having any clue of how to access real-time information. However, the precedents of efficient sanctions screening involve not only the capacity for accurate and reliable screening but also the ability to process large volumes of alerts that sometimes interfere with the regulatory requirement of scrutiny ascribed to each alert. 

With the recent emergence of breaches and resulting repercussions, the challenges seem even bigger to overcome. 

As quoted by Wally Adeyemo, Deputy secretary of the Treasury “ International coalition will keep on holding everyone accountable for enabling unjustified invasion of Ukraine” 

OFAC (Office of Foreign Assets and Control) also issued 16 enforcement actions linked with 11 violations of sanctions list screening in 2022. The violations resulted in financial fines of an alleged $42.7 million. 

The thing to notice remains that despite the reduced number of violations, the penalties have doubled accounting for $20.9 million in 2021. 

Want to know more about such interesting sanction screening facts, read this blog for sanction screening blueprint to business success. 

Expect this blog to take you through the 5 top challenges of real-time sanctions screening, followed by strategies for fortifying sanction checks in budget. 

5 Challenges of Real-Time Sanctions Screening 

Real-time sanctions screening is vital for diverse applications, including customer onboarding by FinTech, complete client information required during KYC, or complete background checks for improved transparency. Here are the challenges to expect:

  1. Inefficient Data Sources 

Businesses that face the dilemma of regularly onboard millions of profiles, require quick and real-time analysis of the customer base. This extent of quick retrieval either misses out on important information or some sources are not covered. 

That also constitutes only some part of the challenge. The big hassle sets in when customers are to be screened against databases, belonging to multiple jurisdictions, diverse language backgrounds, and multiple name variations, which may vary from one source to another. Screening across millions of watchlists with a guarantee that the version in use by the business is current with real-time changes, is treacherous. 

AML Watcher is a perfect fit for businesses aiming to achieve real-time access to sanction databases covering 60,000+ data sources. Read more about it here. 

  1. Diverse Languages & Translation Issues 

With the global nature of the interconnectivity, businesses are exposed to millions of opportunities for cross-border expansion. While it brings comfort to businesses, it also comes with the challenge of abiding by regulatory requirements of compliance. 

Screen for Roman characters may be complicated in a jurisdiction where the use of the Roman language is not prevalent. Businesses with inadequate preparation to screen customers fully and completely, without being held back due to language, translation, and false positive barriers. 

AML Wathcer has sought out global sanctions screening with access to 80+ languages and advanced algorithms that are equipped to handle language differences without implications on the accuracy of results. Try now with the Open search feature available for trial. 

  1. Ongoing Monitoring For Updates 

An effective sanctions screening software handles the complexity and volume of alerts without a reduction in efficiency. Manually searching for updates for each case during multiple stages of onboarding or KYC is time-consuming and strenuous for compliance offices. Missing out on one update might cause hefty fines if the system allows for risky transactions. 

AML Watcher reduced reliance on manual workload with AI integration smart technology by which you can simply turn on updates for a case. Anytime an alert passes the risk score assigned to the case, an alert reaches the system before the illicit actor can tamper with the evidence.

Posted by Raul Harman

Editor in chief at Technivorz and business consultant. I like sharing everything that deals with #productivity #startups #business #tech #seo and #marketing