Sanctions filters exist within complex payment environments. A financial institution may send and receive hundreds of thousands of messages each day using multiple screening hubs. Implementing the right filtering software to automatically screen the transaction data and identify potential sanctioned entities is absolutely crucial. Depending on the risk appetite of the organisation, filters can be configured in different ways depending on origin, destination, currency and content.
Working with business review teams and internal audit, we can:
Design, build and report on how effective the end-to-end sanctions screening environment is for external regulatory or internal reviews.
Define and extract the messages to be reviewed.
Establish a set of filtering rules aligned with the institution’s sanctions policy.
Identify and investigate messages which should have been presented to the sanctions filter.