Counter Terrorism Financing Compliance Services
All anti-terrorism compliance should begin with mandatory client verification. Sentinel™ helps organizations conduct customer identification, risk assessments, and ongoing monitoring to ensure they are not unknowingly providing funds to individuals with ties to terrorist organizations.
Identifying Customers and Conducting a Risk Assessment
It is important for all organizations to make sure they are in compliance with all regulations, and this includes counter-terrorism financing (CFT). All anti-terrorism compliance should begin with mandatory client verification. This is critical for companies, organizations, and professionals, as it ensures they are not unknowingly (or knowingly) providing funds to individuals who might have ties to terrorist organizations.
Customer identification, risk assessments, and ongoing monitoring of all clients is an important part of remaining in compliance with all regulations when it comes to counter-terrorism financing.
By providing users with the option to search through countless data sources, lists, and databanks, Truth Technologies helps identify high-risk customers before they complete their deals. When it comes to counter-terrorism financing, this includes two critical types of checks:
Book a Demo →PEP and Sanctions Screening: the foundation of CFT compliance.
Truth Technologies is able to conduct thorough searches for both of these checks, making sure that nobody falls through the cracks.
PEP Screening
PEP stands for politically exposed persons. These are individuals who are at a high risk of being bribed or influenced in a political manner. Often, PEPs include individuals who have previously held a prominent public position, senior politicians, officials who are ranked highly in political parties, and executives of corporations that are owned by the government.
Learn more about PEP Screening →Sanctions Screening
It is also important to conduct sanctions screening. This type of screening process involves conducting specialized searches against both national and global databases. The goal is to prevent the financing of terrorist organizations, arms proliferation, and other illegal activities.
Learn more about Sanctions Screening →All businesses are responsible for a thorough risk assessment of all clients.
This includes screenings based on their geographic location, industry, the nature of their business, the size and pattern of their transactions, and their known business relationships.
Businesses that operate across international borders, real estate companies, cryptocurrency exchanges, money service businesses, legal and financial professionals, are all at risk of unknowingly channeling funds to terrorist organizations. This risk is real, and regulators expect it to be managed proactively.
Maintaining compliance with FATF Recommendations is also critical. If a client qualifies as a PEP, Enhanced Due Diligence (EDD) measures are required. If a client falls under a sanctions list, the institution may be prohibited from providing services entirely.
Geographic Location
High-risk jurisdictions identified by FATF require enhanced scrutiny of all transactions.
Industry
Certain industries carry elevated money laundering and terrorism financing risk profiles.
Nature of Business
Cash-intensive, cross-border, or complex business structures require deeper due diligence.
Transaction Patterns
Unusual transaction size, frequency, or routing patterns may indicate suspicious activity.
Business Relationships
Known associations with sanctioned parties or high-risk entities elevate overall client risk.
Beneficial Ownership
Opaque corporate structures and shell companies obscure the true controlling party.
What you gain from a robust CFT screening program.
There are several benefits of screening for PEP and Sanctions when it comes to CFT measures.
Cost-Effective for All Sizes
Truth Technologies carries out these screenings at a reasonable cost for businesses of all sizes.
Automated Efficiency
Automated screening processes cut down on the amount of time it takes to conduct these searches.
Automatic EDD Triggers
Any client who triggers a positive alert is automatically subjected to EDD to safeguard business operations.
Maintained Compliance
Companies remain in compliance with the latest rules and regulations of the countries in which they operate.
Full Audit Documentation
All alerts and screening processes are documented thoroughly in a case management system for audit purposes.
Investor Confidence
Enhanced screening protocols ease the minds of investors worried about exposure to AML and KYC risk.
Tax Transparency
Enhanced screening protocols help increase transparency of tax impacts stemming from client relationships.
Global Coverage
Screening available in English, Spanish, and French with international watchlist support for all names and addresses.
The Risk of Non-Compliance
The vast majority of countries require their businesses to screen appropriately for counter-terrorism financing purposes, including PEP and sanctions lists. Fines for non-compliance could be as high as millions of dollars.
That is where we can help you. Remain in compliance, avoid funding terrorist organizations, and reduce your risk.
Contact Truth Technologies →USA PATRIOT Act
Under the USA PATRIOT Act, PEP and Sanctions screenings are compulsory for all covered financial institutions.
PEP Screening Requirements
PEP screening is required for all political figures and their immediate family members under applicable AML regulations.
OFAC Embargoes
OFAC has placed embargoes on foreign terrorists and known international narcotics traffickers. Compliance is mandatory.
SDN and Sanctions List Checks
Sanctions screening checks are required against the SDN List, the Foreign Sanctions Evaders List, and the Iran Sanctions Act List.
Prohibited Transactions
Businesses are prohibited from engaging in operations with anyone who is on a sanctions list, regardless of transaction size.
CFT, PEP, and Sanctions screening built for the real world.
Contact Truth Technologies today to learn more about how we can help you with CFT, PEP, and Sanctions screening. We have been helping regulated organizations remain compliant since 1996.