Connected Screening Service

Your expert for questions

Bernd Reimer
Partner, Forensic Services, at PwC Germany
Tel: +49 175 2937362
Email

Fewer risks. More compliance.

The world is changing. Business relationships which are legal today could already be impacted by sanctions tomorrow – this applies in particular to global activities. That makes it even more important for you to compare your business partners with the most important sanction and embargo lists on a regular basis. After all, the severe penalties which are imposed when valid sanctions and regulations are violated are not the only issue. Sanctions violations can also damage a company's image in the long term.

It is essential that you prevent that. With our Connected Screening Service, you can identify sanctioned persons, companies, and organisations at the press of a button. This tool helps you comply with legal regulations and guidelines, thus reducing compliance risks. Automated sanction list screening is suitable for both the ad hoc screening of individual data sets and the regular screening of all your contacts. It screens your business partner information against the most recent versions of the applicable national and international sanction lists.

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Our service at a glance

Fewer risks

Whether it is a matter of combating the financing of terrorism, export controls, or trade restrictions: EU companies are required by law to review the background of their business partners on a regular basis and to establish their business relationships on a compliant basis. Implementing this mission manually is extremely difficult. Ultimately, one-time screening is not sufficient. Embargoes and sanctions are subject to constant geopolitical fluctuations, ownership structures change, and sanction lists are constantly being expanded.

Instruments, measures, and methods for compliant business relationship management are required to maintain an overview of these changes. This is the only way to reliably comply with the statutory requirements of the EU, UN, and USA, as well as other regulatory bodies. For example, the American SDN list alone stipulates several thousand "Specially Designated Nationals" (SDNs) with whom any kind of business relationships are prohibited. Anyone ignoring this list runs the risk of becoming a persona non grata themselves. Implementing powerful screening systems is indispensable in preventing this.

More compliance

With our Connected Screening Service, you protect yourself from sanction violations and establish your business relationships on a compliant basis. This service is suitable for both regular sanction list screenings and the ad hoc screening of new business contacts. A further advantage: The SaaS solution also allows customer and transaction data to be reviewed against historical versions of sanction lists, which is an important aspect when attempting to verify the compliance of completed transactions retroactively.

You have the option of using our Connected Screening Service as an on-premise solution to document the compliance of past transactions, or you can use the service selectively as a cloud service via our Connected Digital Service concierge platform, for example to validate new corporate contacts.