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Sanctions check, PEP check and adverse media coverage in a single screening

Know immediately whether there is a risk associated with each client. RegLab automatically checks sanctions lists, watchlists, PEPs, adverse media and high-risk countries. Not just once, but on an ongoing basis. If anything changes, you’ll receive an immediate notification.

A single platform for all screening

Manual screening takes time, and there is a high risk of overlooking a source. Sanctions lists, such as the EU sanctions list, are constantly being updated. Many firms therefore subscribe to individual lists and check their client databases manually.

With RegLab, you can manage the entire screening process from a single platform. Separate subscriptions for sanctions lists, watchlists, PEP checks or adverse media are no longer necessary. New matters are automatically and thoroughly checked, and your existing client database is continuously monitored.

This valuable feature is available thanks to the integration with Comply Advantage. It collects data from various sources and constantly updates it with new information on high-risk individuals, entities and activities. This means you’re always up to date with the latest information!

RegLab UI Screening overview EN

What RegLab checks for you

RegLab screens everyone you add to a file: the client, contact persons, UBOs, representatives and the countries in which they reside. This way, you can be sure that no one is overlooked.

Adverse media check

If you add a person (representative, contact person, UBO, or PEP or entity to the matter, RegLab automatically checks for any negative publicity.

You get insight into the various articles relevant to the added person or entity, including the first lines, date of publication and source. Want to read more of the relevant article? You can! Just click on the link in the application to open the item.

In case an article contains no negative or relevant mentions, you can mark it as a 'false positive'. This way, you keep an overview of the adverse media.

RegLab UI Adverse media screening EN
RegLab UI Sanction screening EN

Screen watchlists

RegLab automatically checks whether the client appears on national or international watchlists. Both the lists of various government agencies and global lists are checked.

Individuals and entities on watchlists are usually considered high risk due to their involvement in criminal activities, links with terrorist organisations, money laundering or other prohibited practices. So it is very important to check these lists!

If the client appears on a list, you will be notified and can take appropriate action.

 

 

Conduct a PEP-check

PEP stands for Politically Exposed Person. Because of their influential position, they are often assumed to pose an increased risk of activities such as money laundering. It is therefore very important to know whether you are dealing with a PEP.

Be the first to know about important changes in the client's risk status thanks to our automatic PEP check.

This check is performed automatically when a person is added to the file. Does the person emerge as a PEP? Then you will receive an overview of his/her various job functions. Again, you have the option of indicating whether a result is a 'false positive'.

RegLab UI PEP screening EN

Continuous monitoring with immediate alerts

A one-off check during onboarding is not enough. You must continue to monitor your entire client portfolio on an ongoing basis. RegLab does this automatically in the background, using the most up-to-date lists.

You’ll receive an instant alert when:

  • a person or country appears on a sanctions list, watchlist or high-risk country list;

  • an increased risk arises with an existing client;

  • parties are added to a matter or UBOs change.

This way, you’ll be the first to know about important changes to your client’s risk status.

Clear overview with reports

You can easily generate a report from the screening results. If a country is added to a sanctions list or removed from one, you can instantly view an overview of all matters involving that country and take action where necessary.

FAQ

What if you fail to comply with AML and sanctions legislation?

Suppose your firm does not comply with the AML guidelines and sanctions legislation. What are the consequences?

  • Regulators may impose a fine, sanction or penalty payment on a firm if it fails to comply with AML and sanctions legislation. They may also proceed with prosecution for failure to report. In such cases, criminal proceedings may also be initiated on the grounds of facilitating money laundering.

  • Failure to report a suspicious transaction may result in fines.

For many firms, AML and sanctions legislation still feel like a distant concern. Nevertheless, we are seeing an increase in the number of inspections and fines for non-compliance with the rules.

 

What sanctions lists are there?

Sanctions apply not only to individuals, but also to countries and organisations. All sanctions regimes are listed on the websites of the European Union, the United Nations and local government websites. Examples of sanctions include:

  • the freezing of funds;
  • a prohibition on making financial resources available;
  • a prohibition or restriction on the provision of financial services

To find out whether the person you are doing business with appears on a list, you should consult sanctions lists, including those of the US, the UN and the EU. These sanctions lists, to which you can subscribe, are updated regularly. It is crucial to consult up-to-date sanctions lists and to continuously monitor your current client database. A national list is still manageable, but the EU sanctions list is updated frequently. Europe is very active in this area, which means there are regular changes affecting organisations and individuals. This makes it difficult in practice.

There are also lists of high-risk countries available, detailing those countries that do not have their AML processes properly in place.

 

A client is on a sanctions list, what now?

You must take immediate action if a client, or a relevant party, is on a sanctions list. The exact action you must take depends on the sanctions regime. The nature of the service provided also plays a role. In any event, you must immediately cease providing services to the client and inform the client of this. Without an exemption, the provision of services is prohibited.

 

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The importance of the Sanctions Act

The Sanctions Act was created to combat money laundering and stop terrorist financing. In this article we clarify its importance.

Read the article