The UN Global Program against Money Laundering estimates that global money laundering amounts to as much as $2 trillion per year. In 2015, the Financial Action Task Force 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. Banks found to be non-compliant can be fined hundreds of millions of dollars, adding further cost - thus the need to improve payment filtering efficiency is paramount.
D+H’s sanctions screening and watch list filter solutions 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 watch list 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 sanctions screening and watch list filter operations considerably increase the filter quality and lower the rate and associated costs of ‘false positives’.
D+H’s sanctions screening and watch list filter solution can be integrated with any existing payments and cash management infrastructure, or be provided as an added solution with D+H’s global payments and cash management services. It can be delivered as a customized on premise solution or as a hosted solution, further saving time and money, and reducing risk.