Key Capabilities to Avoid Prohibited Transactions
Screen and verify
Automatically conduct denied and sanctioned party screening including groups and individuals with known financial, criminal or ethics violations
Workflow aligned
You can perform third party screening background checks at any stage of the transaction based on an ad-hoc, batch or transaction basis as required.
Exception management
Alert capabilities help your organization to focus on clearing holds and speeding shipments rather than researching numerous matches.
Auditing and reporting
Create an audit trail to highlight the when, what and why of screening activities for internal use or for an official audit, to easily demonstrate due diligence.
Next Steps
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Frequently Asked Questions
What is restricted or denied party screening?
Restricted party screening is a vital compliance step for global business, checking individuals and entities against government watchlists. This prevents unauthorized dealings with restricted parties, protecting businesses from legal trouble, reputational damage and trade disruptions.
What official watchlists are relevant for compliance screening?
Which restricted party lists you need to check depends on your industry, location, and where you do business. Key examples are the U.S. OFAC's SDN List, the EU Consolidated List, and UN lists.
What are some common challenges with restricted party screening?
Staying compliant with restricted party screening presents several key challenges. The watchlists are numerous and constantly changing, making accurate and updated validation difficult and increasing business risk. This complexity is further amplified by new legislation targeting human trafficking, forced labor, and environmental impacts, which continuously expands the lists of restricted parties. Relying on manual screening efforts for these growing and dynamic lists is labor-intensive, significantly slowing down order cycle times and delaying critical shipments.