Rahn Monitor Application
Within the history of human society, the pace and scale of the technology growth experienced today have never before been seen. The proliferation of mobile technologies and the development of applications to practically enable any service available to the modern customer has ensured that we can conduct any activity in any location across the globe.
Although this presents modern humans with an abundance of opportunities to derive benefit from these new technologies, it also provides criminals with an unlimited number of ways to conduct their activities. The current global geopolitical landscape underpinning our modern society, arguably the most polarised in the last 30 years, has resulted in a number of well-publicised incidents where criminals have leveraged technology to enact their political agendas such as funding terrorist activities.
With ever more sophisticated criminals and terrorist groups who have moved from the physical world to the online world to conduct and manage themselves, regulators and businesses face a barrage of fraud, money laundering and other criminal activities – all of which have to be identified, monitored, mitigated, reported and analysed. Does your business have a future-proof sanctions screening process in place, to counter these growing threats??
Sanctions Screening – A Three Phase Approach
Rahn Monitor consists of three main components, i.e. the sanctions dataset, a search function and the ability to
develop a custom internal dataset. The dataset itself is updated daily via an automated process to synchronise with
the specific data lists. The data collection process and the dataset has been reviewed and audited, thus ensuring the dataset complies with the regulations, the process followed to build the dataset aligns with what has been published by the list authors and that no data is lost in the development of the dataset. The dataset is supplied via an SMTP download directly from the website or can be accessed via Azure SQL Cloud.
The search function of the Rahn Monitor sanctions screening application allows users to search specific individuals via the User Interface. This can be used by various functions within the company, especially compliance officers and managers who need to confirm the sanctions-hit and understand the target data before making an on-boarding or exit decision. This functionality can further be incorporated into a CRM system to provide assistance to front line resources in determining potential compliance issues before onboarding clients, thus improving the client experience and fast-tracking the onboarding process.
The custom dataset functionality allows any company to built their own internal do-not-do-business list which can
help to ensure no unwanted elements are onboarded into the company. It often happens that individuals and companies are involved in drawn-out litigation proceedings which does not explicitly exclude them from being clients, but which may be against the company’s internal qualification criteria. These cases can then be loaded into the custom dataset which will then form part of the overall target set against which the sanctions screening tool employed by the company can scan for potential issues.
Contact us today to see how Rahn Monitor can transform the way in which your
sanctions screening is done