Sanctions list screening is an important part of any AML solutions. The volume of regulatory penalties is ever increasing for violations for improper or deficient screening. The ability to accurately match names with various sanctions/watch lists is critical to avoid compliance violations.
Velocity Sanctions and List Screening (SLS) has a proven track record for automated real-time payment message interdiction and batch screening against all major sanction regimes and internal lists. Velocity SLS enables effective screening against various sanctions lists and has a built-in workflow to process alerts and investigate customers.
- Velocity SLS easily integrates with core payments/banking platforms and applies smart filters, fuzzy logic, and scoring criteria along with a build-in alert management workflow making it easy to manage alerts
- The system integrates data from UNSCR/OFAC/OSFI/Australian/EU/UK (HMT) lists through web services and has real time change notifications
- Capable of screening against any custom lists defined by the regulator or the institution
- Can handle a large volume of data
- Available PEPs list for screening and integration capabilities with third-part data providers
- Built-in workflow for alert management
- Able to perform screening for
- Account opening/customer creation
- Existing customer screening
- SWIFT message interdiction and screening (outgoing & incoming)
- Remittance transactions/bulk screening
- LC opening
- Bearer checks
Information requests by FinCEN through the 314(a) list are part of law enforcement’s ongoing efforts to combat terrorism and money laundering. The 314a list is confidential and is usually provided every two weeks by FinCEN. Financial institutions usually have 10 days to check this list against their records for data matches, including accounts maintained by the named subject during the preceding 12 months and transactions conducted within the last six months.
The Velocity SLS module includes a robust 314(a) screening workflow that enables
- Compliance personnel to upload the FinCEN list into the system and initiate the screening process
- The system to apply smart filters and configurable fuzzy logic to create alerts that can be easily triaged and actioned
- Productivity metrics and powerful reporting for management to ensure the 314a process is meeting deadlines and is compliant