The UN Global Program against Money Laundering estimates that global money laundering amounts to as much as $2 trillion per year. According the Financial Action Task Force, in 2015, an estimated $7 billion USD is spent annually on implementing AML regulations in the US alone. Despite the investment, more than 99% of transactions caught through this process continue to be thrown back as ‘false positives’ that do not fit the criminal profile sought.
According to one large multi-national bank, every ‘false positive’ costs the bank up to $50 USD. Multiply that times thousands or even millions of ‘false positives’ per year and the costs become staggering. And that’s not all, banks found to be non-compliant can be fined hundreds of millions of dollars, adding further cost to the problem - thus the need to improve payment filtering efficiency is paramount.
D+H’s sanctions screening solution helps customers meet the requirements of multiple national and international embargo and anti-money laundering laws. It checks messages against various sanction, embargo and PEP lists, automatically and in real-time. Messages caught in the filter are blocked and will not reach the banking or payment traffic system without manual approval, ensuring that questionable transactions can be stopped before they are processed. Controlled compliance filter operations considerably increase the filter quality and lower the rate and associated costs of ‘false positives’.
D+H’s sanctions screening solution can be integrated with a financial institution or corporation’s existing payments and cash management infrastructure or provided as a unified solution within D+H’s global payments and cash management solutions. It can be delivered as a customized on premise solution or is available through a multi-tenant hosted solution, further saving a bank time, money and reducing risk.