AML Name Screening is one of the risk assessment methods for existing or potential customers of an organization subject to AML obligations. Businesses should use AML screening software to scan their current and potential customers for sanctions, PEP, blacklists/wanted lists, and unwanted media data. Businesses should use AML screening software to scan their current and potential customers for sanctions, PEP, blacklists/wanted lists, and unwanted media data.
Anti-money laundering screening is a key component of anti-money laundering compliance
Name screening systems contain two purposes. The first purpose is to create a risk assessment.
Risk assessment is critical as it helps entities identify high-risk customers and take necessary measures to monitor their financial activities.
Know Your Customer (KYC), Customer Due Diligence (CDD), and Enhance Due Diligence (EDD) are other compliance programs that help companies create risk assessments. The second purpose of name-checking is to help entities to identify and report suspicious activity.
Businesses that fail to comply with anti-money laundering regulations will face penalties.
Therefore, companies use name screening software to scan their customers’ sanctions lists, PEP lists, and adverse media data.
AI insights offer a quick and secure route to compliance. Globally, organizations face regulatory pressure to maintain strong sanctions compliance programs. Transaction screening forms part of this regulatory requirement and one of the primary functions of a robust compliance program Benefits of Live Ex Transaction Screening
Sanction screening is a very important tool in the fight against ML/TF in the UAE. Sanction screening refers to the process of reviewing customer details in various sanctions lists to check whether the customer is involved in any money laundering activities or terrorism related activities.
Ready-to-use LiveEx-Shield Transaction Screening is easy to use and quick to implement in your compliance environment. The solution automatically compares transactions to sanctions lists in real-time and provides a complete audit trail of all user and system-generated actions as you guide clicks through the workflow. Dashboard Reporting Our dashboard provides compliance team leaders with a top-down view of key screening activities. Team leaders can easily view the current filtering configuration and the customers with the highest click-through rate.
The dashboard also provides a graphical view of team activity and workflow, highlighting any backlog, workload, and performance issues. Efficient Alert Review Process Data is automatically highlighted for review, so analysts can immediately see what needs to be investigated. Also, all customer and information data can be checked from one dashboard. Bulk actions and keyboard shortcuts simplify workflow management by reducing the time it takes to complete reviews. Enhanced matching capabilities Natural language processing and advanced matching algorithms reduce false positives, allowing analysts to focus on true alerts. Live Ex’s deal screening matching engine provides powerful cross-language support and language-ability matching tools in 18 languages, including Simplified Chinese and Arabic.
The system automatically suggests matches that may be based on Localization, nicknames and synonyms to increase alert rates. Built-in sandbox for testing filtering configurations Live Ex’s transaction filtering sandbox allows analysts to fine-tune filtering configurations based on results from real data before making changes to the live environment. This enables analysts to understand the impact of changes and provide a direct comparison to the current configuration
Automate Your Screening process Effectively We live in a technological era, and manual methods waste time for businesses. Our AML Screening solution, built with cutting-edge technology, accelerates and simplifies customer risk screening and monitoring. Our database contains sanctions, PEP, and negative media data from over 200 countries. Companies that use our AML screening software can thus perform a global comprehensive risk control. Our product supports manual queries, batch queries, and API queries. Companies that offer API integration run their query processes automatically in the background. As a result, the customer on boarding process is not delayed, and AML obligations are met.
As per the governance guidance the sanction screening matrix designed based on the three lines of defense, frontline and direct support functions within business units constitute the first line of defense and are accountable for identifying, mitigating and managing sanctions risk associated with customers/products/services and all other stakeholders, compliance is the second line of defense to review the generated alerts and identifying the False Positive and Potential Matches on real time to ensuring that adequate and robust systems addressing sanctions risk while monitoring, supporting and advising/training the business unit in this regard including releasing of false positives and raising STRs if warranted.
As per the governance guidance the sanction screening matrix designed based on the three lines of defense, frontline and direct support functions within business units constitute the first line of defense and are accountable for identifying, mitigating and managing sanctions risk associated with customers/products/services and all other stakeholders, compliance is the second line of defense to review the generated alerts and identifying the False Positive and Potential Matches on real time to ensuring that adequate and robust systems addressing sanctions risk while monitoring, supporting and advising/training the business unit in this regard including releasing of false positives and raising STRs if warranted.
AML regulations in Canada apply to a range of industries, including financial institutions, real estate brokers, casinos, money service businesses, insurance companies, and even certain professional service providers such as accountants and lawyers involved in financial transactions. These entities must adhere to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) by developing a compliance program, monitoring transactions, and reporting suspicious activity to FINTRAC, Canada’s financial intelligence unit.
A robust AML compliance program in Canada should include customer identification and verification (KYC), transaction monitoring, record-keeping, risk assessments, and mandatory reporting to FINTRAC. Organizations must also appoint a compliance officer and provide ongoing AML training to staff. Regular audits and updates ensure the program meets evolving regulatory standards.
FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) oversees AML compliance by collecting, analyzing, and disclosing financial intelligence related to suspected money laundering and terrorist financing activities. It also provides guidance to businesses on compliance requirements and may impose penalties for non-compliance.
Non-compliance with AML obligations can lead to significant fines and even criminal charges. Under the PCMLTFA, businesses may face administrative monetary penalties, while criminal penalties can include fines up to $2,000,000 and imprisonment for up to five years. Additionally, failure to report suspicious activities or conduct due diligence exposes companies to reputational risks and potential legal consequences.
Canadian regulations mandate reporting for cash transactions over CAD 10,000, virtual currency transactions over CAD 10,000 within a 24-hour period, suspicious transactions of any amount, and receipt of funds over CAD 3,000. Entities must also verify beneficial ownership and determine if any client is a politically exposed person (PEP) when onboarding and during ongoing customer reviews.
Although Canada does not currently have a national registry of beneficial ownership, entities are required to identify and verify the beneficial owners of corporate clients. This involves obtaining information on individuals who own or control a significant percentage of a business, often challenging with complex ownership structures.
Canada has strengthened its AML regime with updated PCMLTFA requirements, emphasizing compliance for new industries and additional reporting obligations, such as large virtual currency transaction reports. These regulations bring Canada’s AML framework more in line with international standards and ensure businesses address evolving financial crime risks effectively.
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