3 Simple steps to AML compliance – this is how to get instant Sanction Screening in Africa and anywhere in the world
Is your business AML complaint?
Anti-Money Laundering measures are a regulatory requirement for most industries that use financial products, including banks, brokers, crypto exchanges, payment service providers, financial service providers – even estate agents and lawyers.
And it all starts with Sanction Screening.
(Also see the business benefits of sanction screening.)
But, most existing sanction screening tools are extremely expensive for businesses in developing countries, that’s why we in Africa have to always consider the extreme cost vs. AML compliance. Luckily, we know you can now save up to 98% on sanction screening in Africa.
Here’s how…
How to Get Sanction Screening in Africa
STEP 1: Book a Demo with us and we'll show you how ZenDetect operates, discuss technical details, and explain integration with your admin systems.
STEP 2: Our team will assist your developer in integrating ZenDetect, or help you find a developer for this purpose.
STEP 3: As soon as it’s set up, you can bulk upload your database and screening begins immediately – the system will continuously and automatically screen, and you’ll be notified whenever the Sanction Lists are updated or if a flag requires your attention.
When must sanctions screening be conducted?
Firstly, sanction screening is crucial during the initial phase of establishing business relationships, whether with new clients, partners, or suppliers. Many people get that part wrong – you have to conduct the screening BEFORE entering into any kind of business relationship with any entity.
Next, you need ongoing monitoring. This means regularly screening existing clients and business relationships against updated sanctions lists. The frequency of these screenings can vary depending on the business's risk profile and the jurisdictions in which it operates – though sanction lists are updated on average twice a month.
Furthermore, sanctions screening is vital when there are significant changes in a client's profile or behaviour, or when there are updates to sanctions lists, which can happen frequently due to geopolitical changes.
How does sanctions screening work?
Sanctions screening involves comparing individuals, companies, and countries against lists of sanctioned entities published by governments and international organisations. These lists contain names and other identifying information of parties that are subject to various restrictions or prohibitions due to their involvement in activities like terrorism, narcotics trafficking, and other serious crimes.
Screening tools like ZenDetect use advanced algorithms and data-matching techniques to accurately identify matches between these lists and the entities a business is dealing with.
Sanction screening is a requirement for Anti-Money Laundering (AML) compliance. See here why AML compliance is so vital.
How do you conduct a sanctions check?
With ZenDetect, it’s super easy – the system does it continuously and automatically on your behalf. It’ll just notify you when it’s flagged something for you to take note of.
You also get an awesome user interface that allows you to view each record (person’s file), with their entire screening history and such, which makes reporting on your screening a breeze.
Learn about ZeDetect’s advanced Sanction Screening in Africa.
Who should be screened against sanctions lists?
Anyone your business interacts with. This includes customers, clients, suppliers, business partners, and in some cases, even employees.
For financial institutions and other businesses involved in international transactions, it's also important to screen counterparties, including banks and financial intermediaries. Additionally, screening should extend to beneficial owners of companies, not just the companies themselves, to avoid indirect exposure to sanctioned entities.
Importantly, it’s vital to screen entities BEFORE you enter into any business relationship with them. And then continue screening them for as long as you have dealings with them.
The Benefits of ZenDetect Sanction Screening
- Cost-Effective: Drastically reduces your AML compliance costs.
- State-of-the-Art Technology: Offers continuous and automated screening.
- Easy Reporting: Simplifies compliance reporting.
- Timely Updates: Automatically updates in sync with Sanction list changes.
- Continuous Scanning: Ensures your records are always up-to-date.
- Bulk Upload Capability: Manages large volumes of data efficiently.
- Granular Control: Provides detailed control over every record.
- Seamless Integration: Compatible with various admin and operational systems.
ZenDetect is not just a tool; it's a solution tailored to African businesses' unique needs in the global AML landscape.
By choosing ZenDetect, you're opting for affordability, efficiency, and compliance ease, ensuring your business remains competitive and compliant.
Get Sanction Screening right now
Also see how greylisting impacts the JSE in South Africa, learn about AML compliance for microlenders and the process for AML in microfinance.
