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Digitise Management Consultancy is the trusted solution for all your Anti-Money Laundering Queries.
Sanctions Screening & Targeted Financial Sanctions Compliance
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Practical support for sanctions screening, targeted financial sanctions compliance and effective screening controls
Digitise Management Consultancy helps businesses establish and maintain appropriate sanctions screening processes to identify potential matches against applicable sanctions and targeted financial sanctions requirements. Our support covers screening processes, screening tools and the controls required to manage potential matches and maintain appropriate records.
Sanctions Screening Process - Development or review of sanctions screening procedures covering customers, beneficial owners and relevant transactions.
Screening Tool Assistance - Assistance with selecting, configuring or implementing appropriate sanctions screening tools based on the business’s needs and risk profile.
Customer & Beneficial Owner Screening - Support with screening customers, beneficial owners and other relevant parties against applicable sanctions lists.
Ongoing Sanctions Screening - Assistance with establishing processes for recurring screening and identifying changes in sanctions status.
Targeted Financial Sanctions Compliance - Support with implementing controls to identify and respond to applicable targeted financial sanctions requirements.
Potential Match Review - Assistance with reviewing potential sanctions matches and distinguishing genuine matches from false positives based on available information.
Sanctions Screening Escalation - Development of appropriate escalation and decision-making processes for potential or confirmed sanctions matches.
Screening Records & Documentation - Support with maintaining evidence of screening activities, reviews, decisions and related compliance actions.
Sanctions Compliance Review - Assessment of existing sanctions screening arrangements to identify weaknesses and areas requiring improvement.
DON'T LET A SCREENING ALERT BECOME A COMPLIANCE GUESSING GAME.
Digitise can help you build the right screening process, choose the right tools and put the right controls around every potential match.
Frequently Asked Questions
The alert should be investigated against reliable identifying information to determine whether it is a genuine match or a false positive. Appropriate escalation and action should follow where a potential or confirmed match remains.
No. Sanctions screening should be incorporated into ongoing compliance processes, with appropriate rescreening when sanctions lists or relevant customer information change.
Not necessarily. Screening controls should be appropriate to the nature, size, complexity and risk exposure of the business.
The screening configuration, matching parameters, customer data quality and review process can be assessed to identify the cause and improve the effectiveness of the screening process.
Businesses should maintain appropriate screening records and evidence of alerts reviewed, decisions made and actions taken, allowing the screening process to be demonstrated during internal or regulatory reviews.
