Sanction screening is a very important tool in the fight against ML/TF in the UAE. Sanction screening refers to the process of reviewing customer details in various sanctions lists to check whether the customer is involved in any money laundering activities or terrorism related activities.

As per the governance guidance the sanction screening matrix designed based on the three lines of defense, frontline and direct support functions within business units constitute the first line of defense and are accountable for identifying, mitigating and managing sanctions risk associated with customers/products/services and all other stakeholders, compliance is the second line of defense to review the generated alerts and identifying the False Positive and Potential Matches on real time to ensuring that adequate and robust systems addressing sanctions risk while monitoring, supporting and advising/training the business unit in this regard including releasing of false positives and raising STRs if warranted.

Internal Audit

The LiveEx system provides quality review to the Internal Audit as a third line of defense and responsible for evaluating the effectiveness of the sanction screening results and as part of that function oversee the activities of the first and second lines of defense.

The LiveEx Software is ready to integrate with any sanction list providers and we are offering direct sanction list sources from

  • 1
    OFAC – Special Designated Nationals - Consolidated
  • 2
    European Union Consolidated
  • 3
    United Nations Security Council

The system has additional methodology to add search freeze notices from the regulators.

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