Sanctions Screening

Sanctions screening is a critical component of compliance and fraud mitigation for banks and financial institutions. With increased regulatory scrutiny and the complexity of international transactions, institutions must ensure they are not inadvertently facilitating transactions with sanctioned individuals, entities, or countries.

Failing to comply with sanctions regulations can lead to severe penalties, reputational damage, and legal consequences. Bottomline’s Sanctions Screening service enables institutions to protect against financial crime, maintain regulatory adherence, and safeguard reputation by effectively screening transactions and customer data against global sanctions lists.

Features of Sanctions Screening

• Screen Against Official Lists: Advanced filtering against lists, such as OFAC, Dow Jones, and World-Check, with adjustable algorithm sensitivity and pattern matching capabilities to meet compliance requirements across jurisdictions. Lists, which include internal allow/deny lists, are regularly updated and aligned with the latest compliance data.
• Real-Time Monitoring and Alerts: Real-time detection and alerts for matches against sanctioned entities, enabling immediate response and management of high-priority compliance issues.
• Three-Step Workflow: Supports a fully customisable, three-tier workflow for processing flagged transactions. Any flags are routed through a multi-level review process.
• Detailed Hit Analysis and Case Management: The Compliance Case system captures all hits with comprehensive details and logs actions taken, allowing compliance officers to review, escalate, or resolve cases efficiently.
• User Permissions and Role-Based Access Control: Role-specific access levels ensure that only authorised personnel can access, modify, or review sensitive compliance data, supporting internal security protocols.
• Integration Flexibility: Compatible with financial systems such as Swift, euroSIC, and TARGET2, as well as REST API and MQ interfaces, for smooth integration with existing workflows and legacy systems.