Compliance Engine
Automated background processes for sanctions list screening, export control and licence management that can be integrated into many different systems.
What is an Engine?
An engine is a software component that operates in the background providing certain functions to other software systems. It can provide the same functionality and services to a diverse range of different software platforms at the same time. Using open interfaces, it integrates seamlessly into a wide variety of system architectures.Sanctions list screening
Anti-terrorism legislation governing foreign trade poses new challenges for global enterprises. Due to the increased emphasis on security in the supply chain, companies need to be responsible for their own compliance with these rules and restrictions. Government agencies around the world have published lists of individuals, companies and organisations they believe to be engaged in terrorist activities. Some of these lists run to hundreds of pages and manual checks of denied-party lists are time-consuming, impractical, and prone to error. AEB’s Compliance Engine provides automated real-time checks of addresses held in any system.Whether you’re transferring mass data for screening during a batch process, integrating a status-driven real-time check into your transaction processing or using a manual online query—the Compliance Engine adapts flexibly to your requirements and is equipped with all the features you need.
This cost-effective solution ensures that all partners in the business process are automatically checked in real-time against the key UK, EU, and US denied-party lists. Any potential matches are reported to administrators via e-mail. As such you can be confident that the only business dealings you have are with bona fide companies and individuals.
As the system runs checks in the background without need for manual intervention (unless a match against a denied-party is found), this can significantly reduce the workload for any company that is currently undertaking manual denied-party checks. In addition to reduced workload, the software ensures standardised and thorough checking of each list that would not be possible with a manual screening procedure.
Export Controls
Export controls are ensured by running checks based on the various export control laws and regulations. Specially developed test schemes can be activated for specific countries. Current bans and license requirements are determined in real-time, taking into account not only the parties involved, the countries and even the purpose but also the type, volume and value of the goods. As with the screening process, all export control steps are logged. The internal information management system enables information to be automatically passed along to the appropriate persons. AEB also provides a real-time update service for the test schemes to ensure that compliance checks are run on the basis of up-to-date legal guidelines.Licence Management
The License Management module manages the licenses used for export controls. A distinction is made between general licences, collective authorisations and individual authorisations. General licences and collective authorisations do not relate to individual business transactions but, depending on the specific national legal parameters, apply to multiple or even distinct types of business transactions. Such licences must therefore be checked automatically and assigned for all checks. Any volume quotas and validity periods are monitored. An important component of licence management is the verification of all individual transactions processed using a particular license. Application processes and electronic usage lists for the authorities are also supported.View brochureReview a compliance success storyContact us to find out more
