Sanctions Checker is an easy-to-use and powerful system that enables organisations to check their clients against international financial sanctions lists on an ongoing basis. The system presents a number of key features that enable organisations to effortlessly comply with financial sanctions regulations.
Financial sanctions prohibit an organisation from carrying out transactions with a listed individual or organisation (target). It is essential that an organisation performs financial sanctions checks against the lists applicable to the business.
Sanctions Checker searches against the following lists:
All financial organisations are required to screen their new and existing clients against financial sanctions lists on an ongoing basis. Financial sanctions are enforced by HM Treasury and therefore apply to most if not all companies and industries in the UK. Similarly, in the US, it is the US Treasury (Office of Foreign Assets Control – OFAC) that enforces financial sanctions regulations. As transactions with a listed individual or company are a criminal offence, an organisation may be in breach of financial sanctions for not having a detection system in place.
Sanctions Checker is an effective and easy-to-use system that enables organisations to screen their clients against the financial sanctions lists. With Sanctions Checker, any changes to these lists are reflected on a daily basis. Performing checks on both existing and new clients, it provides an audit trail so your firm can readily demonstrate compliance.
Sanctions Checker can be easily integrated directly with your existing systems and databases. We are flexible and happy to work with clients on an engagement and implementation model suitable to their nature of business and IT environment.
Integrating Sanctions Checker with your business systems gives you:
Northdoor has a wealth of experience in delivering integrated solutions to customers. We are a leading Microsoft Partner specialising in system and application integration. In addition, we have years of experience in helping companies, especially in the financial services industry, manage risk and compliance through technology. The combination of our technical expertise and industry knowledge means that the solution is delivered cost-effectively.
Financial sanctions prohibit an organisation from carrying out transactions with a listed individual or organisation (target). Financial sanctions apply to all transactions; there is no minimum financial limit. Targets may be listed by the United Nations, European Union, US Treasury, or United Kingdom and are updated regularly. Standard anti-money laundering checks do not screen clients against the HM Treasury list. Firms should not confuse HM Treasury’s financial sanctions regime with anti-money laundering procedures.
Financial institutions should have proportionate systems and controls in place to reduce the risk of a breach of UK financial sanctions occurring. Deficiencies in the screening process, or not having a detection system in place, have led to sizeable fines by the Financial Conduct Advisory (FCA).
However, financial sanctions apply to most if not all companies and industries in the UK – even if the organisation is not FCA (Financial Conduct Authority) regulated.
HM Treasury’s financial sanction regime is not the same as FCA’s enforcement action. HM Treasury is responsible for implementing, administering and enforcing compliance with the financial sanctions regime.
Any organisation may be in breach of financial sanctions for not only carrying out a transaction, but also for providing financial advice to a target.
If you would like more information on Sanctions Checker features, or to arrange a demonstration, please feel free to contact our Sanctions Checker Team.