Financial Sanctions
Completed
The FSA requier intermediaries to search every new client against the HM treasury Sanction list and provide confirmation that this has been done. Therefore we would like a facility to cross check every new client against this list and have some form of confirmation that this has been done.
Many thanks
Ben Coleman
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Just for my understanding, I assume this is more than just checking this list, and recording you have done it?
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So, ignoring the recording for the minute....
...Would it try and match on the persons name, and then raise a referral, so you can double check by hand? Bound to be people with the same name..
what else could trigger...? We generally don't ask for passport numbers, or anything else that's in that list. Even address information is sketchy at best, maybe a town and country in most cases.
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HI John,
It might be worth having a chat with Adam B. the API should confirm a positive or negative and then this confirmation should be uploaded to the entry on SS. i think it only matches names. it is then the cover holders responsibility to investigate further. i.e obtain D.O.B etc..
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Hi John, I have spoken to Chris at Sanctionsearch and it sounds fairly straightforward to implement this functionality (for a developer). It sounds as though I could get something working with Javascript but it would make more sense to have it built into Schemeserve. Would you have a couple of minutes spare for a chat at some point. I would really like your comments before I start anything.
Best regards,
Mark.
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Hi John,
I could use a little more info than that to be honest. in order to comply with update compliance it is required that any policy, quotation, renewal, MTA is checked with the most up to date information from the sanction list. should something be missed by accident/user error and as sods law would dictate that client be on the sanctions list. it would be deemed as a criminal offense punishable by imprisonment! Every single person in the financial service industry has to perform these checks and prove they have done so. so if you have something else in the pipe line it would be useful to know.
Many thanks
Ben
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This feature has now entered private BETA testing. SchemeServe customers who are interested please send us a private support ticket here: http://support.admnetwork.com/tickets/new Look forward to hearing from you!
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Delighted to see this feature go live. Here's what Insurance Age have to say about it... http://www.insuranceage.co.uk/insurance-age/news/2423806/schemeserve-to-offer-free-sanctions-check
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