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Sanctions Checks

Sanctions checks are a part of customer due diligence, KYC and AML procedures and are specialized searches to identify individuals who are prohibited or 'sanctioned' from certain activities or industries. 

Sanctions lists are publicly available, but to check them manually can be very time consuming and inaccurate. Using public lists may also require prior knowledge of known sanctions for example, as individuals may be listed on sanctions lists by an alias and not their legal name. A simple, and easy method to screen all current and potential customers against sanctions lists is to use an automated electronic verification platform. 

SmartSearch has access to leading global data via the Dow Jones Global WatchList which is compiled of more than 1,100 PEP and sanctions lists and is updated around the clock. SmartSearch automatically runs sanctions checks on all AML searches, and as part of the daily monitoring service, will screen all customers on its database every night to check for any changes to their status. If a name matches, SmartSearch will automatically run enhanced due diligence to ascertain if the match is a false positive by cross-checking the data with other sources. If a true match is found, or further decisioning is needed SmartSearch will alert the business if the change to allow them to investigate further.

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