Transaction Monitoring Workflows: Add Counterparty Sanction Screening

Counterparty screening is critical in ensuring ongoing compliance and mitigating counterparty risk. Alloy's clients utilizing the transaction monitoring service can now set up sanction screening checks on the counterparty of each transaction. The transacting counterparties will be checked for exact and fuzzy matches (e.g., abbreviations, misspellings, transliterations) against the most up-to-date watchlists using our data providers. Results are displayed in Case Management for agents to review. Stay on top of counterparty risk and get ahead of evolving regulatory expectations by adding counterparty screening to your Transaction Monitoring workflow.

What you'll need

1. Case Management must be enabled in your account.
   
2. Counterparty data service(s) must be enabled in your account.
3. You must have a Transaction Monitoring workflow setup.

Configuring the Workflow

Counterparty sanctions screening can be added to new or existing Transaction Monitoring workflows. If your organization has an existing Transaction Monitoring workflow, setting up counterparty sanctions screening in your Transaction workflow is simple.

1. Navigate to the Transaction Monitoring workflow where you want to add the counterparty sanctions screening.
2. Click on the Add dropdown in the top-right, select Service, then choose one or more available counterparty sanctions screening services.
3. Tags can also be configured like in any onboarding workflow. Attributes and thresholds can be configured. In this example, Socure Counterparty's "Watchlist List: OFAC Match" attribute was used in the "OFAC Match" tag.
   💡 IMPORTANT: It is ultimately up to the organization to handle when, where, and how to employ the counterparty sanctions screening data service in a workflow. The workflow may run counterparty sanctions screening for every transaction or can only run when certain conditions are met.
   
   
4. Similarly, with outcome configuration, Alloy can automatically decision any counterparty sanctions screening evaluation from this workflow as Manual Review.
   
   💡 IMPORTANT: How the outcome conditions are set up depends on your team and the organization's needs.
   
5. Once you are satisfied with your workflow configuration, save this version.
6. As with entity sanction screening, results are surfaced in Case Management to allow agents to take prompt action upon suspicious activity.
   💡 IMPORTANT: The counterparty sanction screening tag(s) must be a case-generating tag to be available in Case Management. Please check out this article for instructions on configuring tags to be case-generating. If a case is already open for an entity, the updated watchlist match tag will be available in Case Management.
   
   A quick Google search of the Sanctions List Match can be done by clicking the "Search on Google" button.