Sanctions Screening

Sanctions and Watchlist Screening: Avoid risky relationships and know who you are doing business with

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The need for sanctions screening

Recent cases and settlements brought forth by many financial regulators highlights the need of financial institutions (and other organizations like casinos, universities, manufacturers and multi-nationals) to have a robust sanctions screening program in place.

Not only should organizations be using updated lists, they should also have procedures in place to screen clients regularly (including PEPs), investigate and remediate any potential suspicious relationships, and finally automate the reporting of suspicious activities.

  • Real-time. periodic or batch screening
  • Transaction monitoring and screening
  • Automated regulatory reporting
  • Risk scoring
  • Dashboards, workflows and case management

Features and Benefits

On-Demand Screening

Allows users to evaluate the risk of an entity by entering their information

Periodic Screening

Promptly identify changes in risk profiles for the entire customer base

Real-Time Screening

Allows onboarding and transaction monitoring systems to assess the risk of an entity

Know Relationships

Know who you are doing business with and whether you should do business with them

Risk Scoring

Realistic assessment of risks based on entity profile and activity that is configurable

Configurable Tools

Workflows, dashboards and case management tools for metrics & investigations

AI-Driven

 

When a name is sent to the screening process, Alessa analyzes its inherent structure and performs AI-based comparisons using natural language processing (NLP) techniques including neural networks, Markov models, transliteration rules, and word embedding vectors.

These key capabilities mean Alessa will match entities by factors like name, date of birth and names in native characters.  When potential matches are found, the alert includes a score which represents a strength of the match.

To reduce the number of matches and ease the screening process, Alessa is configured to only return alerts above a certain confidence score.

 

Identifying and Triaging Matches

 

Alessa creates a unique user experience for investigators by presenting a triaging interface to easily confirm or dismiss a prospect a prospective match and log decisions for future audits and investigations.

Depending on the sources and lists, prospect details may include:

  • Profile information like aliases, nationality and date of birth
  • Contact information including phone numbers and email
  • A navigable network of known connections
  • A timeline of key incidents such as convictions and sentencing
  • A map of known locations including street level views
  • Public internet sources and lists that name the prospect

 

RELEVANT SOLUTIONS

AML Compliance

Alessa’s AML solution includes due diligence, sanctions screening, transaction monitoring and screening, regulatory reporting, advanced analytics and workflow automation and case management.

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Transaction Monitoring

Monitor every financial activity to get a holistic view of customer activities. The solution generates alerts for suspicious activity and sends them to the appropriate personnel for investigation and reporting.

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Alessa with World-Check

When combined, Alessa and World-Check offer customers the power to screen in real time during onboarding and for transactions to block potentially high-risk situations.

Learn More