Sanctions Screening

Sanctions Screening

What it is, and what your company can do

Sanctions screening is a process undertaken by financial institutions, with the help of specialised software, to help them identify and detect any potential financial crimes, either while onboarding a new client, or screening an existing customer. It plays a crucial role in trying to prevent money laundering, while also forming part of the Customer Due diligence process for the banking industry, insurance companies and FinTechs who act as registered credit providers.

sanctions screening

Keeping your ‘Eyes on the List’ in Testing Times

One would safely assume that Sanctions screening plays an everyday role in the compliance and regulatory procedures of institutions that manage the transactions of prominent, influential and politically-connected people. However, as recently outlined in our financial crime compliance case study, anti-money laundering control measures are coming under closer scrutiny by the South African Reserve Bank. Companies that fail to meet the high standards required, run the risk of severe financial penalties for any oversight. While the pandemic, and the resultant economic crisis, has forced many institutions into major financial cutbacks and retrenchments – the result has been a severe erosion in the quality of compliance and regulatory affairs of major players in the financial system.

Sanctions Screening  – Compounded by the Crypto-Explosion

Perhaps the biggest differentiator between cash transactions and cryptocurrency has, up until now, been the wide gap in the sanctions compliance requirements between fiscal and digital assets. With more and more people now joining the “crypto-revolution”, and an increasing number of rogue actors (and even Governments) using ‘crypto’ to either hide or move, their criminal transactions, something has got to give, very soon.

Crypto-Risk is set to become a significant part of sanctions screening in the next decade. It remains to be seen how compliance will evolve. What we do know, however, is that cryptocurrencies are here to stay and will require the same standard of financial crime compliance as the brick and mortar institutions around the world. Watch this space!

Introducing RAHN Monitor

If your company is still looking for a localised solution to meet the strict SARB requirements for financial crime compliance, your search ends here. RAHN monitor is a real-time software application that monitors identifies, mitigates and analyzes your sanction screening outcome data. The software team at RAHN have simplified the approach to sanctions screening with a proudly South African solution that; enhances data quality, stops money laundering, and always ensures company compliance.

RAHN monitor consists of three main components, which include 

– a sanctions dataset that is updated to daily synchronize with the majority of the sanctions listing. 

– a search function.

– the ability to develop custom internal datasets. 

sanctions screening

The search function allows users to search for specific individuals via the user interface, while compliance officers and managers who need to confirm a sanctions-hit can use the app before making an onboarding or instant decision. You can manage your account, buy more searches, clear your local database, by a license for the application, or view search history

RAHN Consolidated – Sanctions Screening, Simplified

At Rahn, we believe that financial crime compliance software should be accessible and affordable to all financial institutions struggling to keep up in this fast-paced, ever-changing landscape. Discover how we can help your business analyse, detect and mitigate against sanctioned individuals, or avail of a host of specialised consulting and recruitment services which can take your business forward. Contact our Team today to explore your options, or request a demo.