Sanction List Monitoring and Person Checks to Prevent the Financing of Terrorism
The fight against the financing of terrorism is no longer the sole task of authorities, the police or the military, since it increasingly affects the processes of banks, insurance companies, and enterprises from the industrial, trade, and services sector.
Due to national and international laws for foreign payments (EU regulations 2580/2001 and 881/2002) institutions are obliged to match the sender and recipient of financial transactions with sanction lists. This is to prevent terrorists, terrorist organizations, and other criminals from receiving financial funds. Business with sanctioned persons or organizations is a criminal offence that may result in monetary fines or criminal prosecution and in a massive damage of the reputation of the company involved. Obligations will increase with the lasting presence of global terrorism.
The fight against terrorism requires solutions that not only integrate simply and safely with the payment process and automatically effect payments but also check the complete customer and business partner base.