Conduct Sanctions Screening with These Simple Steps

Sanctions screening is a compliance obligation for businesses regulated under a country’s Anti-Money Laundering (AML) and Targeted Financial Regime (TFS) regulations. It helps businesses detect and report customers who are sanctioned. Through sanctions screening, businesses can avoid customers involved in financial crimes such as Money Laundering, Terrorism Financing, and Proliferation Financing. It involves the following steps:

• Step 1: Understanding AML and TFS regime of the country a business is situated in and subscribing to the relevant sanctions lists
• Step 2: Collecting key identifier information of the customer
• Step 3: Checking through sanctions lists to see if the key identifier information of the customer matches with any sanctioned person
• Step 4: Disambiguating sanctions screening matches
• Step 5: Escalating sanctions matches and partial matches to the AML compliance officer for further investigation on the matches and reporting the same to AML authorities whenever required
• Step 6: Conducting sanctions screening on an ongoing basis

In our latest video, Ms. Muskan Acharya from NIYEAHMA – Our Knowledge Partner, has explained these steps in an in-depth manner. Watch our video now to gain clarity on how to conduct the sanctions screening process.