Bottomline UAIQ Sanctions Screening Services

Efficiently Screen Transactions to Identify and Mitigate Sanctions Risk

Detecting and preventing financial crimes such as terrorist financing, money laundering, and organised crime is a growing challenge for financial institutions. There is a legal requirement to prevent the processing of transactions with any individual or entity on a sanction list. Failure to do so can incur fines and important reputational damage. Banking licenses can be revoked, and senior management held personally accountable.

Achieving sanctions compliance can be difficult and costly given the volume and complexity of transactions, growing cross-border trade, and the move to the ISO 20022 standard. With 90-99% of matches resulting in a false positive, it is no surprise that many financial institutions have increased compliance resources significantly in response over recent years.

Why Bottomline?

Bottomline UAIQ Sanctions Screening Services enable institutions to screen the relevant fields (e.g., originator, beneficiary, counterparty, free text, BIC, account) or any alternative fields by leveraging a simple configuration for all transactions in real-time against sanction lists to mitigate risk and avoid regulatory penalties.

These UAIQ Sanctions Screening Services have the capability to process large volumes of transactions in milli-seconds using the most up-to-date algorithms and simultaneously matches them with both domestic and international sanction lists. This enables faster and more efficient detection, investigation, and remediation of a potential breach. Moreover, it simplifies the management of multiple lists, eliminating the effort required to deal with duplicate alerts and false positives.

Fully integrated with other Bottomline payment and messaging gateway solutions, Bottomline UAIQ Sanctions Screening Services include the following key benefits.

• Offers an integrated platform for transaction screening and remediation
• Ensures compliance with domestic and international sanction lists, preventing breaches and resulting penalties
• Filters transactions in standard MT format, ISO 20022 format, and batch files
• Simplifies the process of managing multiple sanction lists and reducing false alerts
• Provides powerful automation to minimise manual effort and support scalability
• Offers ease of use, fast deployment, low cost of ownership, and rapid ROI
• Provides a dedicated User Interface for configuration, tuning, and alerts review with decision workflow and audit trail

Key features

Screen time-sensitive transactions in real-time – Bottomline UAIQ Sanctions Screening Services gives institutions the ability to screen transactions in real-time and enable remediation before payments are processed and executed – whether it is an outgoing or incoming transfer.

Coverage of all major sanction lists and jurisdictions – Institutions need to ensure compliance with local and international sanction lists. The solution provides coverage for major sanction lists provided by DowJones, WorldCheck, C6, EuroSpider, and Accuity, covering all jurisdictions, including USA, UK, Switzerland, China, Canada, Australia, Singapore, Japan, and many more.

Screen all payments instructions – The solution offers financial institutions a single platform for screening multiple payment types such as ISO 20022, SWIFT, SEPA, SIC5, Bacs, CHAPS, and Instant Payments. This enables institutions to remain competitive by offering the broadest range of transaction types.

Fast, up-to-date protection – Bottomline UAIQ Sanctions Screening Services scans single names or batch files. Whenever a sanction list is updated, the solution automatically adds any new entity (individual person, company, or country) to the sanctions database on a daily basis, ensuring superior protection and responsiveness to new threats and risks.