AMLYZE launches in-house developed screening tool

As financial institutions grapple with the complex challenges posed by this evolving landscape, AMLYZE has developed the Screening Module to enable organisations to effectively identify and mitigate the risks associated with global sanctions.

European Union sanction list swells  in response to Russia's aggression against Ukraine

Since 2021, the world has witnessed an unprecedented increase in the number of sanctions imposed by regulators around the world. According to Open Sanctions, the open-source international sanctions database, the European Union sanction list has increased the number of sanctioned individuals and organisations by 142% since 2021, from 4,445 to 10,740. Russia’s aggression against Ukraine has served as a catalyst for an increased international response, with numerous countries imposing sanctions and embargoes to condemn these actions.

Subsequent to Russia's annexation of Crimea in 2014, only the EU itself has imposed sanctions on 1,800 individuals and entities linked to Russia, according to a report by the European Banking Authority (EBA). These measures are unprecedented in scale and scope, says the EBA.

Facilitating compliance and risk mitigation

The launch of the AMLYZE Screening Module underscores the company's commitment to developing comprehensive and future-proof AML solutions. As the regulatory landscape continues to evolve, AMLYZE remains at the forefront, enabling financial institutions to achieve compliance, mitigate risk, and maintain the integrity of the global financial system.

The standard version of the new module has integrated more than 65 different datasets on sanctioned persons, entities, and politically exposed persons (PEPs) with the possibility of connecting negative media lists from global leading dataset providers.

Officials from AMLYZE said their core team is made of former regulators and experienced anti-financial crime experts, so they are committed to delivering innovative solutions that enable financial institutions to navigate the ever-changing regulatory landscape. With the launch of Screening Module, dedicated to sanctions, PEPs, and adverse media screening, they aim to address the critical need for robust and efficient sanctions compliance tools. By leveraging advanced technologies, they provide customers with enhanced capabilities to detect, monitor, and manage the increasing risks associated with sanctions compliance.

Key features of the Screening Module include:

• Ability to use the Screening Module as a standalone product or as an integrated part of AMLYZE broader AML software solutions;

• At least 37 lists of sanctioned entities designated by different countries and international organisations to choose from;

• More than 65 data sources leveraged for the most accurate level of cross-referenced results;

• An average of 500 milliseconds response to ensure the fluidity of all of operations;

• At least 8 lists of PEPs collected from more than 250 countries in total;

• Easy installation and customization through API connection;

• Up to 60% reduction in the number of noisy returns;

• Over 40 different parameters available for tuning.