What is Anti-Money Laundering?

Anti-Money Laundering (AML) is a set of policies, laws, and regulations intended to prevent financial crimes. Money laundering is the process of legalization of illegally obtained money. There are global and local regulators established in the world to prevent financial offences. Regulators regularly announce new directives and cancel old ones. Each country may have its own AML policies. Companies carrying any financial activities must comply with these AML regulations.

How does DataSpike Scanner help?

DataSpike Scanner is a simplistic yet powerful AML compliance software. It provides Sanction & PEP Screening services. You can search for entities and organizations that may be either under sanctions or be a part of the political system. Our scanner aggregates data from various sources. Also DataSpike Scanner provides API support. You can easily integrate DataSpike API into your project following our manual guide. API usage helps to automate manual workload and speed up search. There is neither installation, nor sign up fee for our early bird adopters. You are asked to pay on a query basis only for some of our features. Please, contact us to get more information about our AML solutions.

Why is DataSpike free of charge?

Right now DataSpike Scanner holds early-bird promotion. After registration you do not have any limits to use our platform. Moreover our early bird adopters have the privilege to be the first to see new upcoming features. Thank you for choosing us and feel free to contact us for any questions.

What are the sanctions?

Sanctions are political and economic decisions that are conducted by countries or organizations against other countries, entities or particular people.

What are the most important sanction regimes?

Most important regimes currently are:

  • United Nations (UN)
  • United States (US)
  • European Union (EU)
  • United Kingdom (UK)
  • Canada
  • Australia

But we cover much more than this, see the next question.

What sources do we use?
  • EU Financial Sanctions
  • OFAC - Department of Treasury - Specially Designated Nationals
  • Interpol Red Notice
  • UK HMT Financial Sanctions
  • SECO - State Secretariat for Economic Affairs
  • DFAT - Australian Department of Foreign Affairs and Trade Sanctions
  • OSFI - The Office of the Superintendent of Financial Institutions
  • RePET - Registro Público de Personas y Entidades vinculadas a actos de Terrorismo y su Financiamiento
  • African Development Bank - Debarred Entities
  • New Zealand Police Designated Terrorist Watch list
  • U.S. Department of Commerce
  • many other
Who sanctions apply to?

It depends on entity or state which issued them, for example, in the case of OFAC:

  • U.S. persons must comply with OFAC regulations, including all U.S. citizens and permanent resident aliens regardless of where they are located.
  • All persons and entities within the United States, all U.S. incorporated entities and their foreign branches.
  • In the cases of certain programs, foreign subsidiaries owned or controlled by U.S. companies also must comply. Certain programs also require foreign persons in possession of U.S.-origin goods to comply.
What is PEP (politically exposed person)?

As defined in FATF Recommendation 12 PEP is an individual who is or has been entrusted with prominent public functions either domestically or abroad. For example, the head of the state can be identified as a politically exposed person. There is no unified definition for PEP in the world right now. DataSpike Scanner allows searching through the PEP list as well.

When businesses should conduct sanctions/PEP screening?

Sanctions and PEP screening are not standardized within a due diligence process. A reasonable approach must be applied to make sure that a given person or entity does not appear in ever-changing sanctions lists or is not identified as a politically exposed person.

What are the potential penalties for businesses not complying with sanctions?

Penalties depend on the specific organization. Usually, they come in for of fines, in more rare cases - imprisonment. Fines can exceed millions of US dollars.