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Sanction Filtering
Along with other SIDE toolkits, the SMA Financial Bureau offers the SafeWatch product as an optional extra to monitor and filter all traffic against various sanction lists, such as the Bank of England, OFAC, and Politically Exposed Persons lists. Messages that contain violations can be blocked, flagged or rejected.
Non financial institutions that have recently found themselves under FSA regulation also use the bureau’s SIDE SafeWatch service to check account or contact details against authorities sanction lists and PEP lists. Individual queries can be made, or whole files of customers can be checked against multiple lists, with reports of possible violations returned in standard or bespoke format. Individual WhiteLists or “Good-Guys” lists can be built for each institution connecting to reduce future false positives. |
