🏦 Sanctions Screening
📚 US Capital Private Bank Knowledge Base
📖 Definition
Sanctions Screening is the process of checking customers, transactions, and counterparties against lists of sanctioned individuals, entities, and countries maintained by governments and international organizations to prevent illicit financial activities.
⚙️ How It Works
Banks use automated systems and databases to screen names and transaction details against sanctions lists such as those from the United Nations, OFAC (U.S.), and the European Union. Alerts are generated for potential matches and require investigation.
📝 Key Features
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🔍 Automated Screening: Real-time monitoring of transactions and customer data.
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⚠️ Alert Management: Identifying and investigating potential matches.
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📜 Compliance Reporting: Documenting screening activities for regulators.
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🌐 List Updates: Regularly updating sanction lists and software.
✅ Benefits
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Prevents dealings with prohibited parties or countries.
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Ensures compliance with international and national regulations.
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Protects the bank from legal penalties and reputational harm.
⚠️ Considerations
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False positives may require manual review and resources.
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Keeping sanctions data current and accurate is critical.
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Complex sanctions regimes require expert interpretation.
🔎 Related Terms
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⚖️ Anti-Money Laundering (AML)
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📋 Know Your Customer (KYC)
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🌍 Financial Action Task Force (FATF)
📚 References
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🌐 Office of Foreign Assets Control (OFAC) – Sanctions Programs and Country Information
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📄 United Nations Security Council – Sanctions Committees
📞 Contact US Capital Private Bank
📧 Email: [email protected]
🌐 Website: https://uscapitalprivatebank.com