Sanction screening in AML refers to the process of checking customer names against various lists of individuals and entities that have been sanctioned by governments, regulatory bodies, or international organizations. The purpose of sanction screening is to identify and prevent financial transactions with individuals or organizations that pose a risk to the financial system, national security, or global stability.
Financial institutions are required by law to conduct sanction screening as part of their AML (anti-money laundering) and CTF (counter-terrorist financing) compliance programs. Failure to comply with sanction screening regulations can result in severe financial and reputational consequences for the institution, including hefty fines, loss of business, and damage to the institution’s reputation.
Sanction screening is important for financial institutions because it helps them to identify and mitigate financial crime risks such as money laundering, terrorist financing, and proliferation financing. It is also crucial for maintaining the financial system’s integrity and preventing illicit actors from exploiting it for their own gain.
With Fastcheck, you can streamline your sanction screening process and avoid the risk of violating regulatory compliance. Our advanced technology can quickly and accurately check your customers against multiple sanction lists, reducing false positives and saving you valuable time. Take action now and sign up for Fastcheck! Contact our team to schedule a demo and see how our platform can transform your sanction screening process.