Hi there,
It is important for the bank to know who they are dealing with. As part of the process, sanction screening is required. Let me give you a brief introduction of what is sanction screening in banking.
Get home loans at the lowest interest rate through NoBrokerWhat is sanction screening process in banks?
Sanctions screening is the authentication process which ensures that the goods and parties involved in a trade transaction are checked against regulations, sanctions, enforcement, actions, and other official watchlists. While verifying a transaction a complete chain of transparency is required to comprehensively screen a ship’s movement history, registered flag administration, ownership, and management.
Sanction screening is carried out as a part of due diligence within the maritime trade supply chain to prevent the criminal, reputational, and commercial damage caused by noncompliance and the association with illicit trade activities, money laundering, terrorist financing etc.
So, in simple words, sanction screening helps organisations detect financial crimes and comply with AML/KYC regulations. New sanction lists are published every day in the world. Sanction screening is a safer method of manual control. There are many screening services that provide Anti Money Laundering Compliance software. Banks need sanctions screening in transaction monitoring, customer onboarding, and international trade processes.
At times, banks or an organisation may come across PEP. PEPs are individuals who are considered politically exposed persons. Banks always run due diligence to identify them. You need to follow guidelines and do your KYC. It is because of KYC that banks are able to know their customers and verify their backgrounds. I hope you know what is sanction screening in banking now.
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How to Update KYC in EPFO? How to Approve Pending KYC in EPF? What is video KYC?Shifting, House?
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Authors Of The Question
What is sanction screening in banking?
jashmine
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2 Year
2022-10-27T10:40:42+00:00 2022-10-27T10:40:44+00:00Comment
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