Sanction list check

What is meant by Sanction list check?

"Sanctions List Screening" refers to the process of checking whether individuals, companies, or other entities are listed on sanctions lists issued by governments or international organizations. These lists include names of persons and organizations subject to sanctions due to legal or political reasons (such as money laundering, terrorism financing, or human rights violations). The screening ensures that no business relationships are established with sanctioned parties and that legal requirements are met.

Typical software functions in the area of "Sanctions List Screening":

1. Automated Matching:

   • Automatic comparison of names and identifiers against current sanctions lists to identify matches.

2. List Updating:

   • Regular updating of the database with the latest versions of sanctions lists to ensure that screening results are current.

3. Notification System:

   • Automated alerts and warnings to relevant parties when a match with a sanctions list is found.

4. Search and Filter Functions:

   • Ability to define specific search criteria and filter results by various parameters to obtain precise outcomes.

5. Reporting:

   • Generation of reports on the results of sanctions list screenings for internal and external purposes, including compliance reports and audit documentation.