Companies are faced with an ever increasing amount of legal and regulatory demands. EU counter-terrorism legislation for example, forbids business relationships with terrorists and terrorist organisations. Proof must also be available showing that all prevailing legislation is complied with.
Legal authorities deal severely with infringements of legislation, and an offending company risks appearing in a sanction list itself. High financial penalties can be imposed and business assets frozen. Other costs also arise from reversed transactions, extra work done by company employees, and possible claims for damages. The trust of partners and customer suffers when it becomes public that you and your business – intentionally or unintentionally – have contravened prevailing laws. This can result in turnover losses, and in the worst case scenario, could endanger the actual existence of your business.
Permanent matching of customer, supplier and partner data against national and international sanctions lists is a challenge for every company. Incorrect and inconsistent data makes matching more difficult and needs extra time, money and nerves. Therefore, a software solution is needed which can master these challenges with address-specific analyses and country-based rule sets - and at the same time provide exemplary, high quality, precise results.
Uniserv data quality solutions give you the high quality data you need to ensure secure and transparent observance of compliance requirements. Although a major challenge for any matching process is caused by heterogeneous sources and forms of sanction lists, Uniserv’s country-specific rules, terminology tables, international knowledge bases and fuzzy logic will help you to uncover analogies which would have otherwise remained hidden.
In most cases, few complete addresses are to be found in the mixture of records of individuals, organisations, companies and facilities. Sometimes just a name exists without any additional details. Matching is also made more difficult by name elements from foreign cultures or entirely different language forms. Precise identity determination is important: Are Fadi El Gawhary and فادي الجوهري really the same person? The pre-requirement for successfully matching customer master data against sanction lists is high quality business data.
Protect yourself and your company against financial and legal consequences by using consistent data in standardised formats; and implement comprehensive solutions for automatically matching current customer, supplier and partner data against embargo lists. Our solutions ensure that you operate in accordance with all prevailing legislation, and that you minimise your risks and secure a competitive advantage for your business.