Velocity Sanctions and List Screening (SLS) is a powerful sanctions screening solution that screens individuals and entities against sanctions lists, politically exposed persons (PEP) lists, and terrorist watchlists. It then delivers real-time insights and reports about the concerned individuals and entities. Velocity SLS allows screening of customers and entities against a variety of sanctions lists ensuring that the results generated are comprehensive. Safeguard your institution from engaging with high-risk individuals or forming partnerships with sanctioned entities by utilizing the elaborate sanction screening process in Velocity.

Input
  • Watch lists
  • Customer Data
  • Transaction Data
Process
  • Batch screening
  • Filtering and match scoring
  • Real time transaction interdiction
  • Real time list change monitoring
  • Fuzzy / Phonetic matching using Machine Learning
Output
  • Alert Reports
  • Alerts: Release, Block, Escalate
  • List Update Notifications

Smart And Powerful Sanctions And List Screening

  • Capable of screening against any custom lists defined by the regulator or the institution.
  • Easily integrates with core payments/banking platforms and applies smart filters, fuzzy logic, and scoring criteria along with a build-in alert management workflow making it easy to manage alerts.
  • The system integrates data from UNSCR/OFAC/OSFI/Australian/EU/UK (HMT) lists through web services and offers change notifications in real time.
  • Can handle a large volume of data.
  • Built-in workflow for alert management.
  • Available PEPs list for screening and integration capabilities with third-party data providers.
  • Able to perform screening for
    • LC opening
    • Bearer checks
    • Existing customer screening
    • Account opening/customer creation
    • Remittance transactions/bulk screening
    • SWIFT message interdiction and screening (outgoing & incoming)

Automate your sanction screening with Velocity

With increasing complexity in the sanction software cost, compliance, regulations, and expectations, financial institutions might face a lot of problems like false alerts, inefficient processes, increased cost, and potential gaps in the compliance program. This can put a financial institution at risk of reputational damage and penalties.

Velocity’s Sanction and List Screening software automates and increases the efficiency of sanction compliance programs. The software helps the compliance team to effectively monitor and investigate the risk, and detect suspicious activities, if any.

Velocity’s SLS software helps the financial institutions to adapt as per the changes in the sanctions and stay compliant. It helps to manage the risk, especially when the volume is high.

Features

FLEXIBLE AND EFFICIENTThe solution is fit for institutions of all sizes and is highly configurable.

USER-FRIENDLYVelocity’s SLS software is easy to use and is highly customizable.

GENERATES HIGH-QUALITY ALERTSBy analyzing multiple-data sources, the system generates high-quality alerts.

ACCURATE RESULTSVelocity’s SLS is an advanced software designed using AI and machine learning, ensuring improved accuracy.

ADAPTABLEThe software is designed to reduce the complexities and adapt as per the changing demands.

SCALABLEVelocity’s SLS is highly scalable and can handle large volumes of data in real-time.

Benefits

  • Improved accuracy and minimized false positivesTraditional rule-based software generates a high number of false positives where genuine transactions are flagged as suspicious. Velocity SLS risk scoring modules enable further refining of suspicious transactions where more emphasis is put on the high-risk areas. In addition, the software utilises machine learning, AI and sophisticated algorithms thereby generating accurate results.

  • Increases efficiencyOur sanction screening tool will save you time and resources by automating AML processes. It screens various data sources and watchlists maintained by OFAC and other government agencies. When a match is identified reports are sent in real time to your compliance teams for further review.

  • Automatic ongoing screeningWith an AML-sanction screening tool like Velocity SLS, you don’t have to worry about initiating a manual screening. Velocity SLS can perform screening on existing customers.

FAQs

    • Velocity integrates data from UNSCR/OFAC/OSFI/Australian/EU/UK (HMT) lists through web services and offers change notifications in real-time. The software is designed to screen against the major sanction regimes, and internal lists, and can address alerts and real-time batch processing.

      With the help of built-in workflow, it can effectively screen against various sanction lists, and investigate and generate alerts. This helps businesses to stay compliant with international sanctions and watchlist requirements.

      • Velocity integrates data from UNSCR/OFAC/OSFI/Australian/EU/UK (HMT) lists through web services and offers change notifications in real-time. The software is designed to screen against the major sanction regimes, and internal lists, and can address alerts and real-time batch processing.

        With the help of built-in workflow, it can effectively screen against various sanction lists, and investigate and generate alerts. This helps businesses to stay compliant with international sanctions and watchlist requirements.

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