We support banks, insurance companies and financial service providers in
the process of automating decision making. Our compliance software
checks all incoming and outgoing payments for embargo violations. The Name Matching Transaction
software automates the process of deciding which transactions are
unusual and need to be clarified or stopped.
The risk-based approach of our software gives financial institutions the ability to review payment transactions for embargo violations. If a suspicious transaction occurs, the transaction is stopped prior to execution. Monitoring is based on information relating to the payee, the country, or the Bank Identifier Code (BIC) of the beneficiary bank.
Business contacts linked to terrorism or other undesirable circles are prohibited. Corporations, banks, insurance companies and public institutions are not permitted to engage in business with organizations, corporations or individuals that are linked to terrorism.
To monitor transactions for embargos, banks use commercial lists or lists such as the EU or OFAC lists. Other embargo lists include banks with which no payment transactions should be conducted. Banks are identified on the basis of their Bank Identifier Code (BIC). Country lists are used to manage countries subject to special restrictions in payment transactions.
In automated software-based analysis, a match is displayed when a name or an alias found on a sanctions list is discovered, a keyword or BIC from the Embargo Bank List occurs, or a country limit is reached or exceeded. The match means that the transaction is stopped, and the background needs to be clarified by the Compliance Officer.