Sanction Scanner Review

AML Compliance Risk Management 

Sanction Scanner helps financial organizations ensure compliance with global and local laws and regulations on anti-money laundering. The software enables them to discover and prevent customers and transactions that might increase their risk of violating AML policies and requirements, such as those enforced by the European Union, FATF, and local regulatory bodies.

This way, they’ll avoid the economic impact of costly AML penalties and fines and protect the reputation of their business. They can use Sanction Scanner’s extensive collection of comprehensive, structured, and up-to-date AML, sanction, PEP, and adverse media data to instantly detect persons who have perpetrated or engaged in specific crimes.

Such crimes are money laundering, drug trafficking, human rights violation, weapons proliferation, terrorism, and terrorist financing. The data can also be scanned to identify politically exposed persons or those who have a higher risk of committing money laundering, corruption, bribery, and other financial crimes due to their positions.

Better Checks & Controls 

The anti-money laundering solution lets users implement efficient AML checks and controls. They can run automated and intelligent AML, sanction, PEP, or adverse media list and data scans when onboarding new customers, monitoring financial transactions or analyzing activities and behaviors.

For instance, Sanction Scanner lets them design, test, and apply their scenarios and rules to screen and monitor financial transactions for AML compliance. They can create rules based on specific criteria and parameters, like customers’ age, job, and income. Different risk ratings, notifications, and transaction policies are then applied depending on how customers meet those specific rules.

Using its AML data and the custom scenarios and rules, Sanction Scanner automatically determines and verifies in real-time financial transactions that are high-risk or suspicious. Users can instantly stop such transactions and collect all the information needed for case building and analysis. They’ll be able to assess the data of both parties involved in a transaction, such as their relationship and account names, balances, and volumes. This helps them eliminate false positives and build a stronger AML compliance process.

Easy-to-Use AML Software

Financial organizations and professionals can use Sanction Scanner without the technical skills required. They are provided with simple ways to search and collect data from Sanction Scanner’s global AML, sanction, PEP, and adverse media lists. They can use their web browser or upload batches of files.

The AML software can also be easily integrated into their existing projects through its Webhook-based API. Sanction Scanner is also equipped with intuitive and dynamic data scan and search features. They can perform AML, sanction, PEP, and adverse media scans using the customers’ names, ID numbers, or passport numbers.

Users, moreover, can access a dashboard where they can handle all their AML compliance operations, scans, and results. Here, they’ll be able to check and compare customers’ previous and current AML scans and get alerted to any changes in their risk profiles.