In today’s interconnected world, every financial institution needs to comply with international laws, regulations, and sanction lists. But sometimes it becomes extremely difficult for a business to maintain these tasks manually which can lead to financial risks and crimes. That’s where sanctions screening solutions come in.
In this article, let's understand about sanction screening and its benefits.
What is sanction screening?
Sanctions screening is an anti-money laundering(AML) and counter-terrorist financing(CTF) control that is used by financial institutions to ensure compliance with regulations and prevent money laundering and other financial crimes.
What are the benefits of sanctions screening solutions?
Many fintech companies use cutting-edge sanctions screening software because of the rising financial threats. Listed below are some of the reasons that explain the importance of sanctions screening software to integrate with the banking sector.
24/7 Availability
You know that manually checking and updating sanction lists can take a huge amount of your time. It can also hamper your business and cause you to lose your focus on core activities. A screening tool integrated with blockchain technology can do all these tasks in just a matter of time. They will monitor your business 24/7 to ensure your business operations do not get affected.
Real-Time Updates
Sanctions are a very crucial component of crime prevention and they are not static. They are always updated with the changes in the requirements. The screening solutions will provide real-time list updates as soon as a new update is given by the list provider. This instant access helps your business to stay updated with any changes that have been made.
Finishing Up
With the sanction list constantly changing, managing sanctions is becoming very difficult for financial institutions. Reach out to a global provider of sanction screening list solutions and integrate them into your financial business. Make sure it comes with features like integrity checks, blockchain technology, zero downtime, real-time list updates, and much more.
For more details visit at: https://www.eastnets.com/products/crime-and-compliance/chainfeed