Sanctions screening compares customers, beneficial owners, Recipients, institutions, countries, and transaction information against applicable restrictions. A potential match normally requires review; it is not automatically proof that the party is prohibited. Requirements depend on the institutions, jurisdictions, and transaction.
Quick reference for Sanctions screening
| Check | What it means for the transaction |
|---|---|
| Category | Global B2B payment operations |
| Record to keep | Keep the instruction, party and account identifiers, validation result, timestamps, institution references and reconciliation outcome. |
| Do not infer | Initiation, processing, clearing and settlement are different events. One status should not be used as proof of another. |
Sanctions screening and nearby terms
- AML screening: AML screening is part of a broader anti-money-laundering control framework used to identify and assess financial-crime risk.
- Beneficiary verification: Beneficiary verification checks that a Recipient and its Bank details are accurate and appropriate before payment.
