Automatic screening against bans on indirect provisions
Of particular interest to manufacturing and commercial businesses is the SOR (Sanctioned Ownership Relations) package, which enables IT support for screening against bans on indirect provisions. These bans prohibit the provision of cash, goods, or other economic resources to companies or organisations that are controlled by terrorists or other people on restricted party lists. Such companies often don’t appear on the official EU and US restricted party lists, so researchers at Dow Jones have put together their SOR list to document these sanctioned ownership relations. Now this list can be combined with the screening algorithm in AEB’s software to automatically check business transactions and customer lists for bans on indirect provisions.
Enhanced, efficient risk management
Dow Jones offers a global library of sanctions lists, enforcement lists, and warning lists. This includes the PEP (Politically Exposed Persons) list. The PEP list includes policymakers and people in their direct circle who are subject to especially strict regulations to protect against corruption and money-laundering. Dow Jones also publishes a broad collection of “adverse media” gathered from around the world. Companies can access this global database of articles to learn about any negative press reports on their business partners and get ahead of any potential damage to their own reputation.
Joel Lange, Managing Director of Dow Jones Risk & Compliance, offers this assessment: “With businesses under more pressure than ever before to focus on compliance, we’re confident that our data offers best-in-class protection against financial crime activities. Working with Dow Jones’ sanctions lists will give AEB customers access to the most comprehensive and accurate data possible so they can meet their regulatory needs.”
“We are pleased to establish this partnership with a global content leader like Dow Jones. This agreement gives our customers enhanced and highly efficient risk management that closes a security vulnerability in sanctions list screening,” says Geoff Taylor, Managing Director of AEB (International) Ltd.
Software company AEB has signed a partnership agreement with the Dow Jones global news and information powerhouse. This collaboration allows AEB customers to integrate content packages from Dow Jones Risk & Compliance into their sanctions list screening solutions so they can better protect themselves against violations of various embargoes. Additional Dow Jones content helps companies using AEB solutions to comply with regulations against money-laundering and corruption, and shield themselves from the reputational damage that such violations would bring about.