What is sanctions screening?
Sanction Screening is a control employed within Covered Persons (CPs) to detect, prevent, and manage sanctions risk.
What are Targeted Financial Sanctions or TFS?
Target Financial Sanctions refers to:
Asset freezing
Prohibition to prevent funds or other assets from being made available, directly or indirectly, for the benefit of any individual, natural or legal persons or entity designated.
Sanctions Screening of Onboarding Clients
Customer Name Screening
In case of Onboarding Clients:
1. The Click “QUICK SEARCH” and type full name of the onboarding customer and click “SEARCH‟.
2. Matched name with score of 60% and above similarity shall be further verified using Office of Foreign Assets Control (OFAC) Sanctions List search tool to identify possible Potential Target Match (PTM) and Target Match (TM).
3. Compare customer information declared by the applicant in the Membership Application Form (MAF) and the presented valid ID against available information in OFAC sanctions list.
4. Based on results, the duty manager shall classify the matched names as Name Match, Target Match or Potential Target Match.
Reporting Obligations of the AML Compliance Office to the AMLC
Scrubbing Membership Database for Newly-Designated Individuals
Transaction Sanctions Screening
Freezing of Accounts/ Assets
Specific Functions of Each Department in the
Sanctions Screening Process
Sanctions Screening QuickSearch & LexisNexis.mp4