Sanctions lists are official documents that contain names of individuals, organizations, businesses, and other entities that have been prohibited from engaging in specific activities or industries. These sanctions are imposed by governments and international bodies to maintain national security, prevent criminal activities, and combat terrorism. Any individual or entity subjected to sanctions will be listed, including their relatives and close associates (RCA).
Various sanctions lists are maintained around the world. Some of the key sanctions lists include:
Screening customers and potential customers against sanctions lists is a critical part of the Anti-Money Laundering (AML) process. However, manually checking individual names and aliases can be inefficient, leading to potential errors, false positives, and lengthy onboarding times.
The most effective way to screen against sanctions lists is through an electronic screening solution. AMLBuddy offers a robust system that utilizes the Dow Jones WatchList for sanctions screening. This extensive list includes over 1,100 sanctions sources from across the globe and is updated continuously, ensuring that users have access to real-time information.
Every AML check conducted through the AMLBuddy system automatically screens against various global lists, including Politically Exposed Persons (PEP), sanctions, Special Investigation Procedures (SIP), and RCA lists. Users receive daily alerts regarding any changes, enhancing their compliance efforts.
AMLBuddy streamlines the sanctions screening process by automatically performing Enhanced Due Diligence on any false positive matches. This means that the system can inform firms whether a true match has been identified or if further investigation is necessary. This automatic process not only saves client firms valuable time and resources but also provides peace of mind, knowing that they remain compliant at all times.
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