Sanctions Screening & Management

SOLUTION

Sanctions Screening & Management

Increase the effectiveness of your sanctions compliance program

Consolidate and automate your sanctions screening

Financial institutions are faced with increasingly complex sanctions compliance regulations and expectations. Without robust sanctions management programs, institutions risk reputational damage, civil penalties and unsatisfactory regulatory examinations.

Verafin offers a consolidated Sanctions Screening and Management solution that improves the speed and accuracy of your investigations and increases the effectiveness of your sanctions compliance program.

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Features

EFFICIENT CUSTOMER ONBOARDING

Scan newly onboarded customers against watch lists to prevent transacting with sanctioned entities.

TRANSACTION MONITORING

Review risk-rated evidence in high-quality alerts created from ongoing customer transaction monitoring.

AUTOMATIC LIST UPDATES

Verafin automatically updates sanctioned regions lists and provides list versioning to quickly highlight changes to previous lists.

CONTINUOUS, ACTIVITY-BASED AND MANUAL SCREENING

Continuously scan vendors, employees and all customers, including individuals and businesses, for any demographic data changes and changes to monitored lists.

CONSOLIDATION OF SOLUTIONS

Integrate your sanctions compliance program with multiple data sources, screening agents, transaction monitoring and case management — all in one place.

RICH DATA ANALYSIS

Generate high-quality alerts through the ongoing analysis of multiple-data sources including demographic data, rich wire analysis and SWIFT codes.

Benefits

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Reduce false positives

By automating due diligence steps from the OFAC Hotline and leveraging a segmented entity screening function, Verafin significantly reduces false positives.

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Strengthen audits & examinations

Verafin’s detailed Audit Logs, Enterprise Reporting and Dashboards, and our near 100% name-matching accuracy rate ensures added confidence in your examinations.

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Increase efficiency

Automated evidence gathering and watch list updates deliver high-quality alerts with risk-rated evidence, speeding up investigations and strengthening your sanctions compliance program.

More Verafin Features

Integrated case management. Integrated case management functionality lets you create a fully audited and tracked investigation. Upload related files, assign tasks to other users, and document your decisions — all in one location. Learn more >

Automated SAR functionality. At the click of a button, you can create a pre-populated SAR. Complete your narrative and queue it for overnight electronic submission directly from Verafin to FinCEN. Verafin can also remind you when it is time for 90-day refiling, if the suspicious activity continues. Learn more >

Robust auditing and reporting. Verafin maintains tamper-proof audit trails and logs that capture user activity. With centralized reporting functionality, Verafin lets you create reports and dashboards that contain the information you need to provide required documentation to auditors and examiners. Learn more >

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