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As the rise in terrorist activity and the number of sophisticated criminals increases, so does the complexity in protecting your business against them. Financial Institutions must now accommodate a growing number of sanctions lists, as well as regulatory requirements.
The associated fines with non-compliance are known to be over US$ 1 billion in just the last 3 years alone. However, the internal cost for a Financial Institution to have independent auditors review payment screening inadequacies can cost substantially more than the fines themselves.
Not having the correct solution can have a long-term impact; we have already seen the results poor screening controls can have on an institution’s share price. With these factors in mind, it has never been more important to protect your institution and your customers.
Financial institutions need an adaptable solution that is built to identify a broad range of sanctions breaches, while ensuring it’s breadth does not generate a high rate of ‘false positive’ alerts. The Temenos intelligent detection engines manage this balance, reducing false positives to provide fast, effective and reliably accurate screening and profiling.
Temenos recognizes that banks may have different needs when it comes to sanctions screening. We have designed two solutions for you to choose from.
Both ensure that your bank benefits from the most comprehensive sanctions, embargo and PEP (Politically Exposed Persons) watch list screening system available.
Supporting 64bits, massive data files can be handled. Now banks of all sizes can benefit from our unique lexical database that is already used by many of the world’s largest banks.
- Screen - a standalone solution tailored to larger financial institutions
- Screen Light - suited to smaller institutions in conjunction with the Temenos T24 solution
The Temenos Sanctions Screening product protects your business by screening and profiling your customers and their transactions.
Screen Light is a specially designed advanced screening solution for smaller institutions which works in conjunction with the Temenos T24 solution.