Financial Crime World

Slovakia’s Financial Institutions Embracing Sanctions Screening Software

The Growing Pressure to Comply

As Slovakia’s financial sector continues to grow, companies operating within the country are facing increasing pressure to adhere to stringent anti-money laundering (AML) and know-your-customer (KYC) regulations. To stay ahead of these demands, many institutions are turning to sanctions screening software.

The Solution: World-Check

For over two decades, World-Check’s database has been providing accurate and reliable information to help Slovakia’s financial institutions, regulated non-banking sector, and companies comply with mandatory AML, countering the financing of terrorism (CFT), anti-bribery, and corruption legislation. The company boasts hundreds of specialist researchers and analysts globally, adhering to stringent research guidelines as they collate data from trusted sources such as watch lists, government records, and media searches.

Benefits of Using World-Check

  • Simplified customer and third-party screening processes: By incorporating World-Check’s state-of-the-art technology with human expertise, Slovakia’s financial institutions can simplify their customer and third-party screening processes.
  • Comprehensive data coverage: The company’s structured, aggregated, and de-duplicated data is easily integrated into various workflow screening platforms, whether in-house, cloud-based, or third-party solutions. World-Check’s extensive coverage includes:
    • Sanctions sets for payment screening
    • Iran economic interest (IEI)
    • Ultimate beneficial owner (UBO) information
    • Vessels details

Protecting Reputations and Preventing Financial Losses

By leveraging this comprehensive data, financial institutions can make informed decisions, prevent their businesses from being used to launder the proceeds of financial crime or associated with corrupt practices. As Slovakia’s financial sector continues to evolve, companies that adopt sanctions screening software like World-Check will be well-positioned to meet regulatory obligations and stay ahead of emerging threats. By investing in this cutting-edge technology, institutions can protect their reputations, prevent financial losses, and ensure compliance with increasingly stringent regulations.