Embargo Monitoring: Check Transactions before Executing Them

Before executing a transaction, it is important to to determine whether or not it violates a sanction or embargo list. With Name Matching Transaction, sender and recipient data are checked against entries in black lists. As soon as a transaction is classified as unusual, its execution is temporarily halted. 

Criteria for Transaction Control:

• Checking names and aliases against sanction lists and the institution's own black lists

• Checking booking texts

• Checking payments in and out of countries with economic embargoes

• Checking against BIC Codes (Bank Identifier Code) and SIC Codes (Swiss Interbank Clearing)
• Distinguishing between incoming and outgoing transactions
• Interfaces with SWIFT or other payment systems

When a Hit is Found

The electronic workflow supports processing of unusual transactions. All decision-making criteria for determining hits are provided by the system, so the compliance officer can decide quickly if a transaction should be executed or not. With such ex-ante checks, time is a critical factor.

Documentation

The documentation can be provided to internal auditing at any time. The reason for stopping a transaction and the processing steps that followed are documented, to ensure complete transparency.