Comply Advantage Sanctions
Sanctions screening solution to help banks comply with international sanctions and prevent violations.
Overview
Comply Advantage Sanctions provides a sanctions screening process that compares customer and transaction data against government-issued sanctions lists and watchlists to prevent sanctions violations. It supports banks in complying with international sanctions regulations and avoiding penalties by integrating screening throughout the customer journey as part of ongoing customer due diligence.
The solution addresses challenges such as processing times for faster payments, risks of overcompliance, and the use of outdated sanctions data and tools. It enables risk-based, tailored alerts and access to updated sanctions data to improve compliance efficiency and accuracy.
Sanctions screening is essential for banks' financial crime risk management strategies, helping them meet regulatory requirements from authorities like the US Office of Foreign Assets Control (OFAC) and the UK Office of Financial Sanctions Implementation (OFSI).