AML Name Screening

Why is customer identification important?

The most important element in the prevention of money laundering and terrorist financing is customer identification. The Regulation includes articles to ensure that obliged parties take all necessary measures to recognize the customer by adopting risk-based approaches when necessary and to ensure that they pay attention and care to prevent money laundering as well as terrorist financing

The main measures set out in the MASAK Regulations include the obligation of obliged parties, particularly financial institutions, to know their customers with whom they have business relations and to report suspicious transactions related to laundering and terrorist financing to the Financial Crimes Investigation Board (MASAK). (MASAK Legislation)

What are the Consequences of Failure to Comply with the Legislation?

What are the Consequences of Failure to Comply with the Legislation?

In case of non-compliance with the legislation, your companies may face sanctions during the inspection process by the relevant units. This situation causes your company to lose reputation in the sector.

Sanctions you may face:

  • Commercial sanctions

  • Travel restrictions

  • Export controls

  • Asset forfeiture

  • Embargoes

  • Capital controls

  • Financial sanctions

  • Prison sentences

  1. As Search Sanctions, we provide services with our local products in order to protect our customers from situations that may pose potential risks, to avoid criminal sanctions and loss of reputation.

  2. You can easily query your customers from our Sanctions, Watchlist and PeP lists in single, periodic or multiple ways.

  3. By checking your customers instantly from our lists updated every 10 minutes, you minimize the risk situation.

  4. With Enterprise API integration, you can save time by querying multiple people at the same time (multi-search) as well as single-search. Our lists include more than 200 countries and more than 2000 sanctions lists and are updated every 10 minutes.

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You can contact us as to our services, integration processes, request demo or customized solutions.