Sanction Screening and Transaction Monitoring

Sanction Screening and Transaction Monitoring

Recognize suspicious international transactions with sanction screening and transaction monitoring services to reduce your business risk right away.

Every day, there are millions of financial transactions worldwide. By automating the transaction monitoring process, financial institutions can keep track of billions of transactions using risk consulting services. Businesses with AML requirements are legally required to use the AML Transaction Monitoring procedure, and sanctions are actions taken by other nations to limit commerce and official interaction with a state that has violated international law.

Get Quote

Circle Shape
Shape
line Shape

Companies can detect financial crimes and adhere to AML/KYC laws with the use of risk consulting services. There are thousands of prohibited individuals, groups, and nations in the globe. And it is significant for a plethora of reasons.

As technology advanced, financial fraudsters began to create more sophisticated money laundering techniques. Criminals make use of financial system flaws to commit crimes including money laundering and supporting terrorism. Financial institutions struggle to identify and stop these financial crimes. Companies can, however, automatically track the transactions of their clients, including deposits, withdrawals, and money transfers, and can submit any questionable activity as proof. As a result, financial institutions can use AML Transaction Monitoring to make sure they comply with AML Compliance rules.

What Is Detected by Transaction Monitoring?

Money-transfer fraud
Money-transfer fraud
Fraudulent Terrorist Financing
Fraudulent Terrorist Financing
Drug distribution
Drug distribution
Bribery
Bribery
Corruption
Corruption
Theft of identity
Theft of identity

Added to that, the sanction screening services save time. Employees can now make better use of this time. Sanction screening services shield companies against erroneous inquiries as well. Financial crimes can be found using screening software. Every day, banks, payment providers, and other financial organizations conduct millions of financial transactions. Financial crimes are involved in these deals. To ensure compliance with regulations, businesses must audit transactions. With the help of such risk consulting services, companies can detect anti-money laundering, corruption, financing of terrorism, bribery, and other financial crimes via sanction screening systems. Compliance officers employed by businesses carry out these measures.

If a transaction is found to be in violation of a sanction, the compliance officer creates Suspicious Activity Reports (SARs), which are then submitted to the Financial Crimes Enforcement Network (FinCEN). If the transaction involves more than $10,000, a Currency Transaction Report (CTR) is then made about it.