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      How to Read a Sanction Alert Report

      Report Layout Changes with Sanctions and Watchlists New Provider

      In September 2024, PaymentWorks began transitioning over to a new sanctions and watchlists provider. Along with this switch, PaymentWorks has been able to incorporate newly available information into our reports to add additional clarity for our users.

      Report Sample

      Screenshot 2024-09-12 at 3.01.50 PM.png
       

      Report Components

      • Onboarding Payee Detail: This is information derived from your onboarding payee registration and company profile (including updates). The legal name and address are passed over to be screened and monitored.
         
      • Change Highlights (not shown in sample above): Through ongoing monitoring, monitored payees may be added to lists over time. This section of the report displays updated entities that were absent in previous reports. This section will likely appear after your payee has already been onboarded.
         
      • Entity Profiles: Entity profiles represent distinct persons or organizations identified on one or more lists. Because no two entities are the same, the data returned when fetching an entity may include more or less information than another entity. These entity profiles may have the same or similar names as your onboarding payee. Still, this report does not guarantee that the entity profile(s) shown is the person or organization you are onboarding.
         
      • Potential Entity Match Details: The last section of the report provides the details of the matches found during the screening/monitoring of your payee. These include the name or name(s) associated and identified, the name(s) of the list(s) they were found on, and additional details available from the list sources published by corresponding jurisdictions and authorities.
         
      • List Risk Type / Category: Provider-available global data list sources are continuously updated, reflecting the ever-changing risks to corporations and financial institutions in their dealings with international counterparties. These list sources fall into three risk categories: sanctions, warnings, and fitness & probity.
         
        • Sanctions: Governments and international organizations impose economic sanctions to alter the decisions of other actors (state and non-state) who burden their interests and breach international norms. According to the UN: “Sanctions are meant to be a last resort when it comes to addressing
          massive human rights violations, curbing illegal smuggling or stopping extremism groups, being used to support peace efforts, to ensure that elections are held, or to demobilize armed Groups”.
           
        • Warnings: Lists of individuals or legal entities issued by relevant law enforcement or regulatory bodies. Entities on such lists are either involved in law-breaking activities at the international level, in particular jurisdictions under investigation, or found guilty of regulatory breaches in their operating industry, which may indicate a significant financial, compliance, or reputational risk. Distinct from sanctions, the warnings do not serve as a diplomatic or governmental tool to achieve foreign policy goals or to amend state and non-state actors' decisions that threaten national interests or violate international norms.
           
        • Fitness & Probity: This category encompasses lists of individuals and legal entities who have been disqualified or otherwise restricted from holding certain positions or participating in certain activities, such as publicly funded contracts, due to regulatory or code of conduct breaches.