AMLAugust 3, 2022

Simplifying your screening obligations through one simple solution

Screening is an integral part of any risk assessment process when doing business. It is not just about your potential clients but also concerns the existing ones. As Anti Money Laundering obligations increase and resources to carry out such tasks are becoming costlier, we have partnered up with eBOS to offer a simple yet robust solution. GRID offers an all-in-one solution to simplify sanction screening, adverse media, watchlists and PEP lists.

Boasting 20 years experience in banking and compliance, Martin Borg, CEO of Compliance 360, has penned some informational background in relation to Sanctions and his views on using GRID as a screening solution for the company.

Economic Sanctions are a way to isolate a country, entity or individual financially. Such sanctions can take various forms, including asset freezing, travel bans, arms embargoes, capital restraints and trade restrictions. Typically Economic Sanctions are categorised into three:

1. Targeted Sanctions

Sanctions that are directed at individuals, entities and organisations (e.g. named terrorists or significant narcotics traffickers). These sanctions typically include the freezing of assets and travel bans.

2. Sectorial Sanctions

These types of sanctions do not freeze the assets of the individual or entity but merely restrict the ability to access financial instruments, export or import equipment, goods, technology or service. (e.g. restriction in trade of dual-use goods, which are goods that are generally used for civilian purposes but which may have a military application).

3.Comprehensive Sanctions

Comprehensive Sanctions, also called embargos, generally prohibit all trade with a specific country or region.

In Malta, the National Interest (Enabling Powers) Act provides direct applicability into Maltese law regarding sanctions issued by the EU and UN Security Council. Accordingly, the Sanctions Monitoring Board is responsible (among other things) for ensuring compliance with sanctions issued by the UN Security Council, the Council of the European Union and National Sanctions issued under the National Interest (Enabling Powers) Act.

All natural and legal persons must freeze funds, financial assets and economic resources linked to persons or entities subject to economic sanctions. Such obligation means they must access the latest UN, EU and National sanctions lists to confirm whether their customers are subject to sanctions. Such a process can either be done manually by accessing the various sanction lists or through a screening database.

Compliance 360 Ltd, through its exclusive partnership with eBOS Technologies, presents the ultimate online screening solution – GRID.

GRID uses the world’s largest risk database, provided by Bureau Van Dijk, a Moody’s Analytics Company which delivers a sophisticated screening solution capable of screening customers against the latest sanction lists. Besides sanction screening, GRID will also screen customers against adverse media, watchlists and PEP lists.

GRID helps you screen more efficiently and effectively. With a click of a button, a search is done in the GRID database, offering coverage to around 13 million risk profiles, taking information from over 120,000 sources, covering 250 countries and territories and over 3 billion articles, and all this in a few seconds.

The best thing about GRID is that it is unlimited, which means that one can screen as many individuals or entities as s/he wants; there is just a yearly subscription to pay. Furthermore, GRID can be accessed anytime, anywhere, simply through an online link, without installing any software.

Contact Compliance 360 Ltd on 21 360 000 or to learn how GRID will simplify your sanction screening obligations.