Global Sanctions and PEP Screening

OmniEagle’s Global Sanctions and PEP (Politically Exposed Persons) Screening module provides a critical layer of defense against financial crime by automatically screening your customers and transactions against comprehensive, up-to-date watchlists. This ensures you avoid engaging with sanctioned individuals or entities, mitigate reputational risks, and maintain compliance with international regulations.

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Key Benefits

• Comprehensive Protection: Screen against a wide range of global sanctions lists, PEP databases, and other relevant watchlists.
• Real-Time Compliance: Stay up-to-date with the latest sanctions and PEP information through automated watchlist updates.
• Reduced Risk of Penalties: Minimize the risk of fines, legal action, and reputational damage associated with sanctions violations.
• Automated Workflows: Streamline the screening process with automated alerts and investigation tools.
• Enhanced Due Diligence: Trigger enhanced due diligence (EDD) workflows for potential matches to ensure thorough investigation.

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Core Functionality

• Comprehensive Watchlist Coverage:

  • Screen against major sanctions lists, including OFAC (US), EU, UN, and other relevant regional and national lists.
  • Screen against global PEP databases to identify individuals holding prominent public functions and their close associates.
  • Include internal watchlists and lists provided by other sources.

• Automated Real-Time Screening:

  • Automatically screen all new customers and transactions against watchlists in real-time.
  • Continuously monitor existing customers for changes in their watchlist status.

• Fuzzy Matching Logic:

  • Employ fuzzy matching algorithms to identify potential matches even with slight variations in name or other identifying information.
  • Reduce false positives through intelligent filtering and scoring.

• Automated Alert Generation:

  • Generate alerts for compliance officers when a potential match is detected.
  • Provide detailed information on the potential match, including the source of the watchlist and the rationale for the alert.

• Integrated Investigation Tools:

  • Provide compliance officers with tools to investigate potential matches, including access to customer data, transaction history, and supporting documentation.
  • Enable easy escalation to EDD workflows for further investigation.

• Audit Trail and Reporting:

  • Maintain a comprehensive audit trail of all screening activities, including watchlist updates, matches, and resolutions.
  • Generate reports to demonstrate compliance to regulators and internal stakeholders.

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Use Cases

• Customer Onboarding: Prevent sanctioned individuals or entities from becoming customers.
• Transaction Processing: Block transactions involving sanctioned parties or high-risk jurisdictions.
• Vendor Screening: Ensure that your vendors and partners are not on sanctions lists or associated with PEPs.
• Ongoing Monitoring: Continuously monitor your customer base for changes in sanctions and PEP status.

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Regulatory Alignment

• GWG (German Anti-Money Laundering Act): Comply with the GWG’s requirements for screening customers and transactions against sanctions lists and PEP databases.
• BaFin Guidance: Aligns with BaFin’s expectations for a robust and comprehensive sanctions and PEP screening program.