Sanctions Alerts


Sanctions and Risk Screening FREE within the Smart Search report

FOCUS ON: SANCTIONS, PEP, SIP & RCA SCREENING

The penalty for dealing with any person or business named on a Sanctions List is either a fine or imprisonment for the person responsible for company’s compliance – normally the Money Laundering Reporting Officer (MLRO).  There is also a requirement to conduct Enhanced Due Diligence (EDD), on any Politically Exposed Persons (PEPs) that you might be transacting with.  It is therefore necessary to check all new clients, both businesses and individuals against official Sanctions and PEP lists.

The SmartSearch Sanctions check is delivered using the Dow Jones “Watch List” compiled from over 1,100 different worldwide Sanctions Lists. This database also includes PEPs, SIPs (Special Interest Persons) and RCAs (Relatives and Close Associates); SIPs are people who are convicted, arrested or undergoing trial for financial or serious crime such as fraud or drug trafficking.  RCAs are people related to or close friends of people on the Sanctions, PEP and SIP lists;   It is not an offence to deal with either a SIP or RCA, but client’s who are wary of reputational risk or who have a very stringent internal risk policy may want this information.  The SmartSearch Sanctions check can therefore be configured to suit your own specific requirements.

As Sanctions and PEP lists do not contain address information, the check can only be made against the name and therefore most alerts generated are “false postives”  By removing fuzzy matching and checking names on an exact match basis SmartSearch manage to reduce the number of false positives to typically between 3% to 5%.  However, whenever an alert is generated Enhanced Due Diligence (EDD) must be carried out to confirm if the person you are transacting with is indeed the person on the Sanctions or PEP list. Therefore to reduce the amount of additional work required we have developed a unique automated system for performing Automated Enhanced Due Diligence, (AEDD). Please refer to this page for a detailed explanation.  SmartSearch is again unique in delivering all of the necessary information to carry out EDD on the same platform that the AML check is performed.

In addition to the initial Sanctions and PEP check, all client records are subject to daily monitoring against updates to the Sanctions and PEP lists.  Whenever a new matched record is added to one of the lists, an alert is automatically emailed to the MLRO so that further EDD can be performed, giving you complete confidence that your business is compliant.

The final AML certificate clearly shows whether or not the individual or business has been matched to a Sanctions or PEP list; in cases where there has been a false positive it confirms that EDD has been conducted.  This AML certificate can be downloaded as a PDF and can also be retrieved at a later date by logging into the SmartSearch platform.

Country Risk Report (£25.00 plus vat each)

The BTC country search allows you to understand geographic risk. This understanding is key in assessing the potential risks or threats posed by any business relationship. This report provides the basic essential information to determine country risk under the risk based approach.

In these uncertain times AML – KYC Regulation and Compliance is coming under ever increasing scrutiny; so we are delighted to have the opportunity to extend our unique AML verification services with the addition of ongoing monitoring. Our award winning SmartSearch platform enables its users to perform a typical Business AML verification in less than 3 minutes and a Consumer check in less than 60 seconds. This includes Sanction, PEP & SIP checks along with email Sanctions Alerts to nominated users when a match is encountered. The Dow Jones “Watch List” enables SmartSearch to deliver biographies, library images and adverse media on each alert to facilitate real-time enhanced due diligence.

To complete the picture we continue to monitor all our customer’s clients on a daily basis for the duration of their contract at no additional cost

Suitable for the non-financial services professionals including compliance officers, MLROs, trust and company service providers, accountants and legal professionals.

Our Country Report brings the following:

• Key Institutions
• Corruption Perceptions Index
• Bribe Payers Index
• CIA World Fact book Country Data