Minimise your business risks with Uniserv embargo check
Minimise business risks by efficiently matching your business partner data against sanction lists (blacklists, embargo lists, restriction lists, etc.).
Compliance not only means complying with prevailing laws, branch rules, and regulations; it also means preventing transactions with suspicious persons or companies. Every business transaction must be compared with existing embargo lists. The common result: only sample records are taken for matching, or no matching is done at all. However, in the event of non-compliance there is a risk of serious financial penalties and other legal consequences. Regular matching of customer, supplier and partner data against national and international embargo lists on a permanent basis is a “must” for every company. This is difficult enough in the case of small quantities of customer and supplier records; but a real challenge when millions of transactions are involved. Manual comparison with blacklists is time-consuming - and costly. And poor data quality resulting from incorrect and inconsistent data makes subsequent matching even more difficult.
With Uniserv embargo you can automatically search embargo lists for individual business partners and perform matching with larger data quantities. Minimise your business risks and protect your company from legal consequences.
Features of Uniserv embargo check
Uniserv Embargo is a powerful tool for automatically matching all of your customer master data against individual sanction lists, or pool of several sanction lists.
Batch processing checks your data stocks in regular intervals for risky items. You can check, e.g., data in your CRM system for entries matching a restriction list, and avoid making transactions with Politically Exposed Persons (PEPs) or other sanctioned persons or companies. Matching entries can be found in individual addresses, especially names; but also in other fields, such as the reference field on a bank transfer form. Relevant fields are compared with sanction list data during mass processing and the relationships of any occurrences are then shown.
When integrating external data stocks into an existing system, or using them to enrich your own data, they should be checked prior to migration and according to legal requirements. When a fusion of companies takes place, several heterogeneous databases will come together. To ensure that your company continues to observe and comply with sanction directives, all newly acquired data stocks must be checked before entering your systems.
Individual record processing enables you to check in real time whether there are any matches in Restriction Lists. This is particularly helpful in call centres, where rapid reactions and decisions are necessary: Every newly written dataset is checked before being entered. When an order is accepted, it is immediately clear whether a business relationship is possible with the person, company etc., in question. If irregularities arise, immediate counter-measures can be implemented.
Uniserv embargo is equipped with optimised algorithms for coping with the specific needs of blacklists. These include:
- few attributes per entry – in many cases just the customer’s name is shown
- natural, legally-qualified persons from all geographic regions of the world
- names written in different characters (Latin, Cyrillic, etc.)
The Uniserv solution allows you to directly download all updated EU and Federal Gazette sanction lists comfortably and easily.
The embargo checking procedure consists of
Actual matching; creation of appropriate examination records; creation of a list of suspicious entries; marking suspicious and non-suspicious entries in the data bank; manual check of suspicious entries; reporting persons and organisations identified as being suspicious to the BAFA.
Embargo check & sanction check advantages
- Fast and uncomplicated: automatic matching of customer, supplier and partner data against national and international embargo lists
- Can be performed during batch processing, or in real time
- Minimum resources and low cost
- Protection from legal consequences and turnover losses due to compliance demands not being observed