What is Sanctions Screening?
To ensure that business is being conducted in a prudent manner, checks will be run on each entity set up within your NOVUS or HELIX account. This checking service will analyse multiple databases from around the world and flag up any individuals or companies that partially match those with a record alongside of them. If an individual or company is flagged up then your compliance officer will be required to either approve or decline the status based upon their own due diligence.
How is this run from within my system?
Within your NOVUS or HELIX system, each party involved is called a "partner". When a user goes to set up a "partner", the system will block any business being conducted with the party involved until the sanctions check comes back with a negative result. From this point, a message will be displayed within your sanctions checking panel to confirm that business can be placed with the party involved. However, if a check comes back with a positive result, the compliance manager associated with your account will be alerted and be required to approve (false positive) or decline the new "partner".
What lists do you check against?
Our sanctions data partner, provides checks on global lists, including:
- 140+ Sanctions Lists
- Over 1,000 Warnings and Regulatory Enforcement Lists
- Over 150 Fitness and Probity Lists
- Politically Exposed Persons (“PEPs”)
- Adverse Media