Sanctions/KYC

Overview

A sanctions/Know Your Customer (KYC) lookup is a process used by businesses to verify the identity of their clients and assess their risk profiles concerning financial crimes such as money laundering and terrorism financing.

This process involves checking the names of individuals or entities against various lists that include sanctioned parties, politically exposed persons (PEPs), and those involved in financial crimes. These lists are maintained by international organisations, governments, and regulatory bodies.

This process is a regulatory requirement and a crucial element of a comprehensive risk management strategy.

How this integration works

When a sanctions search provider is activated within Insureflow, the system automatically runs a sanctions search when a client/reinsured is added to a risk workflow. Specific sanctions processed are configured per product.

Provider Options

The following third-party sanctions/KYC providers are available to switch on within the Insureflow platform.

• SanctionsSearch

• Comply Advantage

• Global Radar

Provider Details

• Comply Advantage https://complyadvantage.com/ Category-leading, AI-driven sanctions screening & monitoring software. for fully automated customer screening & monitoring solutions, including sanctions, watchlists, adverse media, PEPs, warning lists & internal data.

• Global Radar Sanctions Search https://globalradar.com/ Global RADAR is an all-in-one regulatory compliance & anti-money laundering capabilities providing risk management solutions to businesses since 2007.

• SanctionsSearch https://sanctionssearch.com SanctionsSearch provides a simple, affordable solution which deals with the issues of Financial Sanctions compliance as painlessly as possible through API integration. Includes sanctions/KYC and PEP searching.