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New Exciting Module - Sanctions Checking

29 November 2019

As organisations such as insurers are held to higher levels of accountability in the prevention of financial crime, they often find it a challenge to complete highly manual intensive tasks, such as alert reviews, in a timely manner.

According to PwC, an increasing number of companies require screening and there is a corresponding increase in the volume of transactions. Names and aliases on sanctions lists have increased by approximately 20% each year, raising the number of alerts requiring review.

DOCOsoft CMS went live with its new Sanctions checking function in November. The system links with whichever Sanctions provider that our clients favour and removes the manual processes of clarifying whether claims beneficiaries are subject to sanctions. This function integrates with Write Back, CWT & Settled Direct Claims and works for London Market and Non-Bureau Markets. Being integrated into the CMS, Sanction check failures will stop any payments being made. The solution allows for automatic population of Insured, Reinsured or Claimants to be added as beneficiaries for Sanction checking. Beneficiaries are then carried forward on future transactions reducing the need for rekeying. This functionality is now available to all DOCOsoft clients as an additional Module.

For more information, please contact us.

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