Payment Screening

 

Service Overview

 

Most sanctions regimes, including OFAC, are predicated on strict liability. Therefore, the cornerstone to any compliance program is the ability to interdict prohibited payments and block, reject, or return them as required before they go through. Unfortunately, the exponential growth of international payment activity, combined with increasingly complex settlement systems and a proliferation of sanctions programs, make staying ahead of the curve a seemingly impossible task.

The best way to protect your institution from OFAC violations and penalties is to ensure your payment screening methods are effective and fully functional. Blackstone has experience working with every major filter provider, and can help you test, tune, enhance, and maintain your payment filtering system to ensure it catches any and all sanctioned transactions before they become violations. Beyond filter maintenance, Blackstone can help your institution verify and improve additional screening controls such as those pertaining to wire transparency (Special Recommendation 7), reduce false positives through industry standard business rules, and develop manual processes, for optimal protection from OFAC and sanctions risks.

 

Key Features:

Robust payment screening processes and procedures

Reduced false positives

Filter and watch-list testing and maintenance

Quality assurance processes