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Sanctions Due Diligence for Brokers, Insurers and Reinsurers

Financial Crime is a key focus for both the Financial Conduct Authority (FCA) and Lloyds. 

Brokers, insurers, reinsurers including those that operate delegated authority have an obligation to ensure they are sanctions compliant based on the nature, size, and risk profile of the business being written. 

Without systems and controls in place to impede business relationships with high-risk individuals and entities, firms can face fines, penalties, and risk reputational damage.   

 IDS Sanctions Screening

The IDS Sanctions Solution automates the batch screening of clients, whether individuals, entities, or companies, against international financial sanctions lists.  

On a nightly basis, client names for new business, renewals, and MTA's are cleansed and loaded via an API into the Sanctions Solution.  These are checked against multiple Sanctions lists which are updated on a weekly basis.  Adhoc searches can also be made.

Any new or changed targets that have been added to the Sanctions Lists are back-checked against all live clients, ensuring existing clients haven't subsequently been added.

Daily email notifications alert you on the number of matches found and results are stored within an Azure web solution.  Which also supports you in recording actions taken.  Together, with MI dashboards you have a full audit trail to support regulatory and capacity provider audits.

SAVE MONEY AND TIME AND IMPROVE COMPLIANCE

Sanction Targets Lists

The IDS Sanctions Solution can efficiently screen your book of business on a nightly basis, against the UK, UN, US and EU Sanctions List Targets.  Identifying banned governments, as well as companies, groups, organisations, or individuals.

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UK Consolidated Financial Sanctions List

Drawn from UK, EU and UN sources, and maintained by the Asset Freezing Unit of HM Treasury.   

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The Specially Designated Nationals (SDN) List

Maintained by the Office of Foreign Assets Control (OFAC) in the US Treasury Department

Global Flags

Other Sanction Target Lists

Further lists can be screened to reflect your risk exposure and screening rules. 

Insurance Data Solutions

Moulsham Mill, Parkway,
Chelmsford, Essex, CM2 7PX
United Kingdom

Telephone: +44 (0)1245 608253