While the financial industry and other ‘high-risk industries’ such as real estate have been required for a long time to have KYC (Know Your Customer) processes in place, many other industries only now face stricter regulations due to the global widespread of KYC and AML compliance requirements. In general, all businesses are required to adopt compliance programs and for example check their business partners against sanctions, crime, and possibly even PEP (Politically Exposed Persons) lists to understand the risk in doing business with their counter-parties.
remQ - Sanctions Compliance is available as a stand-alone solution or can be seamlessly embedded into the remQ platform.
Our sanctions lists check is based on data from the most relevant organizations such as USA/OFAC, UN, European Union, etc. We also cover a crime database, sourcing data from the FBI’s most wanted list and Interpol’s Red Notices.
Our Sanctions Database covers Sanctions Lists from OFAC, Canada, HM Treasury EU, Australia and many more regions and organizations globally.
Our Watchlists Database includes more than 8k records from Interpol and the FBI.
More Watchlists are being added continuously.
Organizations are increasingly exposed to compliance requirements. Adopting innovative ways to assess and manage risk and enhance performance is critical. That’s where data analytics and continuous monitoring are helping to simplify and improve the internal control system, increase operational efficiencies, reduce costs, and detect fraud and errors earlier. Internal controls become a way for organizations to create value.
Name Matching is the real challenge in Sanctions & AML compliance. Our smart matching technology reduces false positives while preventing false negatives.
remQ - Sanctions Compliance can screen all your business partners and also scan names in any other table in your SAP system.
remQ - Sanctions Compliance can be licensed as part of the remQ - Follow the Money Compliance platform, or used as a stand-alone tool. Additional licensing is required, based on the number of names that are scanned.
remQ is a continuous monitoring software for SAP ERP and S/4HANA, with a large library of built-in controls that help check master data and business processes to avoid financial losses through errors and fraud. remQ can be set up in less than a day, works regardless of organization size and industry, requires no consulting project, and reduces the cost of compliance through automation.
Whether you are already a customer, would like to become one, have a technical question, would like to work with us, or are interested in an investment: we are here for you!