Sanctions solutions

The process of customer due diligence and monitoring is not just a formal exercise to comply with the law, but an important condition to protect your business from risks. Checking of business partners – customers and suppliers, as well as related persons in the sanctions lists and their monitoring is an obligatory duty of every person.

SANCTION CHECKS USING HIGH QUALITY AND COMPREHENSIVE DATA

A comprehensive check needs to be able to take into account the specificities of multilingualism, to understand the context of additional information and the different data formats in different sources, as well as the frequency of updating information in primary sources. Usually, only specialists in the relevant fields can provide this. To ensure that customer sanction checks are carried out without error on all required lists with up-to-date data, the simplest and most efficient way to do this is in a centralised solution. Lursoft IT has developed such a set of solutions.

Search

This solution provides a searchable consolidated sanctions list, which brings together data from primary sources such as the Latvian, UN, EU, OFAC and UK sanctions lists in a single format. This consolidated list includes both sanctioned organizations and companies, as individuals, as well as vessels and aircraft. Also, the EU and UK sanction documents/decisions are searchable.

As it is critical for business to know about updates and changes to sanctions lists as soon as possible, the consolidated list is updated from primary sources on an hourly basis.

Users often encounter problems with different languages and transcription features when searching primary sources. Thanks to the use of advanced search algorithms and the involvement of data specialists, the sanctions search engine maintained by Lursoft IT has solved these problems. Of course, the original spelling of the source records is preserved and searchable. Sanctions search available here.

Automation

For Lursoft IT customers who need to verify a larger number of business partners or transactions, several solutions have been developed to automate these processes.

Services:

• Checking persons on sanctions lists
  To check a Latvian company and all its related persons on the sanctions list of your business partner, simply enter the company's registration number. As a result, the sanction search will cover all officers, owners, beneficial owners (BOs) and entities in their BO chains. In addition to checking sanctions lists, this service also automatically checks the various sanctions bans registered in the LV national registers. For a list of registers, see here. At the same time, the solution provides for the possibility to check the compliance of the specific legal entity registered in Latvia with the Council Regulation (EU) 2022/576 of 08.04.2022 regulating the field of procurement, Article 5k, Paragraph 1, subparagraph b).

• Sanctions list check with xlsx file
  The service allows you to check the sanctions lists of a larger number of partners. Up to 50 partners can be checked at the same time when uploading a file.  In the case of Latvian companies, all persons associated with the company are also checked.

• Sanctions Monitoring
  Sanctions list monitoring provides continuous automated monitoring of business partners and their affiliates. All you have to do is upload your list of partners. The solution ensures that Lursoft IT clients will receive notifications if a cooperating company or its related persons are included in one of the sanctions lists. Sanctions monitoring is provided not only for Latvian companies and their related persons, but also for foreign persons.

• Integration of sanctions checks and monitoring into the client system
  Lursoft IT has developed a specific API solution that includes all the functionalities described above and can be used in client systems. The API allows each of our customers to tailor data delivery and checks to their specific process automation solution. API for sanction checks. API for monitoring.

Auditability and burden of proof

All the services described have time-stamped audit trails, so that evidence of the sanctions checks carried out and their results is available to both the supervisory authority and the company for compliance with internal procedures.

UP-TO-DATE DATA ABOUT YOUR CUSTOMERS AND BUSINESS PARTNERS

It is very important to keep customer and business partner data up-to-date in your systems. The timeliness of the data is the basis for ensuring that AML and sanctioning processes are carried out as efficiently and resource-efficiently as possible. For example, incomplete data can lead to false positives or negatives when checking clients on sanctions lists. If a large number of customers need to be checked on a daily basis, this can become a major problem.

Specialised data extraction can be used for this purpose, including for checking sanctions lists. Lursoft IT can prepare data of interest on the persons specified by the client – both Latvian companies and their related persons, as well as foreign persons and according to the criteria specified by the client (e.g. by specifying specific sanction lists, etc.), also checking company statuses, financial indicators, tax contributions, capital ownership, etc.

The returned results, according to the amount of data to be received, are provided to the client in a structured format, so they can be easily used and processed.

To use the services you are interested in, please contact your Lursoft IT Client Consultant or Lursoft IT Customer Service Centre.