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The Sanctions Screening Whitepaper

White Paper, January 5, 2018

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Sanction screening is a critical but resource intensive practice which regulated institutions must perform on a periodic basis. Sanctions lists are issued by different agencies and governments, both domestic and international. Every hit or match must be investigated to check whether a given individual or company has been forbidden to enter into business with, or needs enhanced due diligence to be carried out prior to a business relationship or transaction.

Each investigation averages more than 19 minutes of an analyst’s time, with the rate of false positives often exceeding 99%. The operational burden of clearing a large number of flagged applications impacts profit margins by potentially reducing the number of customers accepted, and by increasing the cost of compliance operations, including regulatory fines.

The IdentityMind white paper provides important background and tips to improve the sanction screening process. Learn how false positives can be minimized using matching algorithms, ways to apply risk integrated rules to configurable lists, and how their technology can help to eliminate wasted effort and improve results.