For high-risk businesses, particularly ones in the financial industry, insurance industry and similar fields, performing Know Your Customer (KYC) and Anti-Money Laundering (AML) screenings on customers is required by international regulations. Focusing on sanctions lists and Politically Exposed Persons (PEPs). sanctions.io understands that the amount of work and money that goes into these screenings can be hard for start-ups and offers with sanctions.io a start-up-friendly API — complete with support and simple admin processes that guarantee the responsiveness and flexibility these companies need.
Regulated businesses are serious with their regular runs for Sanctions Lists and PEP data screenings lest they pay high penalties. To stress their significance, PEP screenings allow a business to understand the risk potential of their customers, while sanctions list screenings ensure that customers are not banned from certain activities or industries due to such illegal activities as terror financing and other activities considered to be a threat to national security.
This can become a complicated and expensive process, so working with the right data vendor, especially ones that provide a simple yet powerful API like sanctions.io, can not only allow FinTechs to meet compliance requirements as required by their country but also benefit from the convenience that an easy and fast to implement API will provide for their tech teams.
sanctions.io is a great fit for fintech companies’ screening process. Their database is updated every 15 minutes and includes various search algorithm that helps reduce false positives. It also covers a growing number of sanction lists, including OFAC, the UN and the EU and even crime data such as Interpol’s red flag list.
“The product is amazing, and the tech is tight. We integrated the sanctions.io API within a couple of days and now perform daily screenings of our entire customer base. The support is great and the team is super dedicated to their partner’s success,” shared one of their latest unicorn clients on the sanctions.io website.
The company strives to make the screening process of companies as secure and reliable as possible and is continually working on adding data sources to their systems. It assures clients that through its API, they can fully understand the risk associated with any customer.
sanctions.io encourages businesses to test the quality of their data by offering the Free Sanctions List Check on their website as well as a sandbox environment and a free trial for their sanctions API. More information can be found at https://sanctions.io/.
sanctions.io is the developer friendly API for Sanctions & PEP screenings.