Setting Server Preferences for Sanction Lists
How to set up your server preferences so that customers are checked against warning lists automatically.
Open 'Server Preferences'
- Click on 'File' in the Menu Bar at the top of your screen.
- Click on 'Server Preferences'.
Set your 'Server Preferences'
Select the 'Compliance Warnings' tab and set up your 'AML Compliance' by checking off preferred sanction lists:
- Be sure to check off 'Activate Rule Based AML Policies'.
- Also be sure to check off 'Perform Compliance Checks & Validations' in order to activate your preferences.
This is also where you can enter when you would like to have this check done in the field to the right, below.
ie; if you would like a customer profile to be required when a certain amount is made or a large cash transaction etc.
'Check customers against OFAC SDN sanction list' is the US sanction list. It is highly recommended you check this off as it is updated on a daily basis and is the most accurate of sanction lists.
'Activate OSFI, SEMA, NZ, UK, UN, AUSTRAC, EU Watchlists' includes sanction lists of seven other countries including Canada.
'Warn if customer profile is incomplete (KYC)' important for compliance with Know Your Customer.
'Warn repeat transactions for same customer N days apart' will set up a warning if a customer is making repeat transactions within a certain number of days. You can fill in the days in between transactions in the subsequent field 'No of days'.
'Automatically check customer before every invoice' will run a check on the customer every invoice.
- You can enter a 'Request a review of customer Profile after N days' in the subsequent field 'No of days'.
*It is recommended you check off all of the above mentioned boxes for optimal compliance.