Sanctions Checker - How It Works

From target list searching to compliance and integration - Sanctions Checker has you covered

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Key Features

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.

  • Easy-to-integrate system
  • Ability to run ad-hoc or batch sanctions search
  • Intelligent ‘fuzzy search’
  • Manage ‘false positives’ including the ability to blanket mark false positives
  • Reports created for every sanctions search
  • Drill down into reports and identify reasons for true/false positives
  • Visibility of the identify of the individual who conducts searches for added accountability
  • Lists maintained and regularly updated by Northdoor
  • A transparent and flexible pricing model
  • Sanctions Checker Screenshots
  • False positives
  • Single Search for Target

Sanctions Lists Search

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:

  • Australian Consolidated List
  • Canadian OSFI anti terrorism financing list
  • HMT Consolidated List
  • OFAC consolidated sanctions list
  • OFAC Vessel
  • Dow Jones (PEP)
  • Worldcheck (PEP)
  • Any other list your organisation requires

Contact the Northdoor Sanctions Checker team to learn more:

Compliance

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.

  • Reports automatically created for every search
  • Provides a full audit trail of all searches conducted
  • Hard evidence of compliance established for the necessary authorities

Integration

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:

  • Enhanced capability of your existing systems
  • Improved workflow with automated screening as part of your business processes
  • Greater efficiency, eliminating rekeying of information
  • Assistance with compliance through automated screening, alerts & audit trails
  • Enhanced data protection with information stored within your own network
  • Cost-effectiveness due to scalability of searches and competitive licensing

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.

Why sanctions checks are importantMicrosoft Gold Business Partner

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.

Risking non-Compliance?

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 not only for carrying out a transaction, but also for providing financial advice to a target.

Useful Resources:

  • HM Treasury: Financial Sanctions
  • FCA: Financial services firms’ approach to UK financial sanctions
  • FCA: Small firms approach to UK financial sanctions
  • US Treasury (OFAC): Financial Sanctions

If you would like more information on Sanctions Checker features, or to arrange a demonstration, please feel free to contact our Sanctions Checker Team:

Contact the Sanctions Checker Team

Interested in seeing Sanctions Checker in action?

Request a demo or contact sales on: 0207 448 8500

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