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Liberia Implements Sanctions Screening Software to Enhance Anti-Money Laundering Efforts
Monrovia, Liberia - In an effort to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, the Liberian government has recently implemented a sanctions screening software solution.
Comprehensive Sanctions Watchlist Screening
The LexisNexis Risk Solutions sanctions watchlist screening software provides access to the most significant sanctions lists from around the world, allowing users to consolidate records of multiple sanction lists into a single view per subject. This streamlined approach facilitates efficient and effective screening, reducing false positives and improving operational efficiency.
- Access to major sanctions lists: The software includes access to the most significant sanctions lists from around the world.
- Consolidated record view: Users can consolidate records of multiple sanction lists into a single view per subject.
- Efficient screening: The streamlined approach facilitates efficient and effective screening, reducing false positives.
Continual Sanctions List Monitoring
The system continuously monitors and updates records to reflect changes in the current sanctions landscape, ensuring that users have access to the most up-to-date information. With over 6 million risk entities in its database, including Politically Exposed Persons (PEPs) and their family members, the software provides a comprehensive view of potential risks.
- Continuous monitoring: The system continuously monitors and updates records to reflect changes in the current sanctions landscape.
- Up-to-date information: Users have access to the most up-to-date information.
- Comprehensive risk view: The software provides a comprehensive view of potential risks, including Politically Exposed Persons (PEPs) and their family members.
Improved Operational Efficiencies
The sanctions screening software reduces false positive volumes through enhanced data quality and superior matching logic. By minimizing false positives, financial institutions can onboard legitimate customers more efficiently, reducing the risk of disrupting the onboarding process.
- Reduced false positives: The software reduces false positive volumes through enhanced data quality and superior matching logic.
- Efficient customer onboarding: Financial institutions can onboard legitimate customers more efficiently, reducing the risk of disrupting the onboarding process.
Next-Generation AML Risk Screening Made Simple
LexisNexis Compliance Lens brings together the best of LexisNexis Risk Solutions’ AML screening capability: world-class data, cutting-edge matching technology, and a next-generation, multi-layered filtering process. This solution is simple to configure and delivered as part of a holistic customer risk journey.
- World-class data: The software includes access to world-class data.
- Cutting-edge matching technology: LexisNexis Compliance Lens uses cutting-edge matching technology.
- Multi-layered filtering process: The solution features a next-generation, multi-layered filtering process.
Prudential Finds a Simple Solution to Sanctions Screening
According to Prudential, implementing the sanctions screening software has significantly reduced false positives and improved operational efficiency. “There are always some false positives with sanctions screening, but if you can minimize these safely, it makes the process much more efficient,” said a representative from Prudential.
- Reduced false positives: Implementing the sanctions screening software has significantly reduced false positives.
- Improved operational efficiency: The solution has improved operational efficiency.
Maintaining Compliance in a Complex Sanctions Environment
The implementation of sanctions screening software is a critical step in maintaining compliance in a complex sanctions environment. Financial institutions and other organizations must stay ahead of changing regulations and updates to ensure they are not engaging with sanctioned entities, reducing regulatory risk.
- Critical step: Implementing sanctions screening software is a critical step in maintaining compliance.
- Reducing regulatory risk: The solution helps reduce regulatory risk by ensuring that financial institutions and other organizations do not engage with sanctioned entities.