The Gold Standard in Sanctions List Screening

August 5, 2016

BNP Paribas: $8.9 billion. Commerzbank AG: $1.45 billion. HSBC: $1.9 billion. As these banks and anyone in the anti-money laundering (AML) compliance business can tell you, breaching sanctions can come with a costly price tag. To be compliant with AML regulations, it’s essential for banks, money services businesses and other types of financial institutions to screen their customers against sanctions lists to ensure they don’t do business with high-risk individuals or entities. Organizations found to have not taken steps to avoid conducting business with sanctioned groups, people and countries can expect to be slapped with severe penalties and fines that could damage the business beyond repair.

As part of our CaseWare AML Compliance solution, which has Know Your Customer, transaction monitoring and regulatory reporting capabilities in a single platform, we also offer our customers sanctions list screening capabilities. One of the sanctions lists that our solution is integrated with is the Thomson Reuters World-Check database, the most comprehensive, high-quality and up-to-date sanctions screening tool available today.

World-Check currently includes hundreds of thousands of sources. The database is continuously updated by hundreds of global research analysts speaking more than 60 languages who review more than 530 sanction, watch and regulatory law and enforcement lists daily.

The database is also unique because it monitors thousands of information sources related to politically exposed persons (PEPs) and people and groups not found on official lists. World-Check definitively delivers the widest financial crime-related coverage available, and in one year alone identified more than 180 entities before they showed up on the U.S. Treasury Office of Foreign Assets Control (OFAC) list.

The Thomson Reuters World-Check database perfectly complements the CaseWare AML Compliance solution. Like World-Check, our solution is comprehensive and is unique because—within one platform—it helps financial institutions meet AML compliance requirements across all key areas of regulation. With our solution, compliance teams have access to advanced and configurable analytics, visualizations, workflows, alerts and case management capabilities. Organizations can identify high-risk individuals and entities with the help of World-Check; detect suspicious transactions; manage investigations and compliance risks through automated workflows; and automatically fill in and then electronically file reports to regulators.

To learn more about how the Thomson Reuters World-Check database and the CaseWare AML Compliance solution can together help your organization avoid doing business with risky individuals and groups, contact us or visit www.casewareanalytics.com/wc.

 

About Anu Sood:

Anu Sood is the Director of Product and Corporate Marketing at CaseWare Analytics and is responsible for the company’s global marketing strategy. Prior to CaseWare Analytics, Anu worked in various roles in the high-tech industry and her accomplishments range from writing software for telephone switches to launching a new global satellite communication service. Anu has extensive experience in strategic marketing, corporate communications, demand generation, content marketing, product management, product marketing and technology development. 

Connect:    Anu Sood

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