{"id":565,"date":"2011-11-16T10:13:21","date_gmt":"2011-11-16T10:13:21","guid":{"rendered":"http:\/\/www.holdingpage.co\/?page_id=565"},"modified":"2021-10-18T14:39:54","modified_gmt":"2021-10-18T13:39:54","slug":"sanctions-alerts","status":"publish","type":"page","link":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/customer-verification\/sanctions-alerts","title":{"rendered":"Sanctions Alerts"},"content":{"rendered":"

\"\"Sanctions and Risk Screening FREE within the Smart Search report
\n<\/strong><\/p>\n

FOCUS ON: SANCTIONS, PEP, SIP & RCA SCREENING<\/strong><\/p>\n

Sanctions are restrictions used to stop individuals and entities who are involved in \u2013 or suspected of \u2013 illegal activities from engaging in certain industries. Government bodies and financial authorities both issue sanctions lists; these can be used to screen individuals and organisations for financial sanctions.<\/p>\n

Sanctions searches and PEP screenings are a central component of your AML checks, as they confirm that your client doesn\u2019t present a money laundering risk.<\/p>\n

The SmartSearch system completes Sanction and PEP screening on every AML check you perform, automatically triggering Enhanced Due Diligence on any matches. It then screens all customers every night and alerts you of any changes.<\/p>\n

The SmartSearch Sanctions check is delivered using the Dow Jones \u201cWatch List\u201d 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.\u00a0 RCAs are people related to or close friends of people on the Sanctions, PEP and SIP lists;\u00a0\u00a0 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.<\/p>\n

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 positives”\u00a0 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%.\u00a0 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).<\/p>\n

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.\u00a0 Whenever a new matched record is added to one of the lists, an alert is automatically added to your login screen so that further EDD can be performed, giving you complete confidence that your business is compliant.<\/p>\n

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.\u00a0 This AML certificate can be downloaded as a PDF and can also be retrieved at a later date by logging into the SmartSearch platform.<\/p>\n","protected":false},"excerpt":{"rendered":"

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). <\/p>\n","protected":false},"author":1,"featured_media":0,"parent":11,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-565","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages\/565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/comments?post=565"}],"version-history":[{"count":15,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages\/565\/revisions"}],"predecessor-version":[{"id":1829,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages\/565\/revisions\/1829"}],"up":[{"embeddable":true,"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/pages\/11"}],"wp:attachment":[{"href":"https:\/\/www.moneylaunderingcompliance.com\/index.php\/wp-json\/wp\/v2\/media?parent=565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}