ACE Software Solutions (ACE), a leading global provider of intelligent financial transaction management and sanctions compliance technology for banks and corporates, has today announced a solution for corporates to help manage sanctions risk  to protect against financial loss and reputational risk. The new solution, Pelican Sanctions is being unveiled at Eurofinance 23-25 September, Copenhagen, Denmark.

Banks are currently putting pressure on corporates to share the responsibilities for regulatory and sanction requirements. The severity of breaching sanctions can affect not only the reputation, but also the financial and investment risks for any corporate organisation. Pelican Sanctions provides a full analysis for all decisions taken by corporates to support audit and regulatory requirements. The solution can accurately screen transactions against any sanctions list, whilst providing explanations for all positive and negative decision making.

Parth Desai, CEO, ACE Software, states:“The focus on sanctions risk is likely to increase as regulatory and reputational risk are on the rise, which has led to corporates taking a more proactive approach in this area . Every corporate should have a responsibility and understanding of the sanctions risks involved and be actively committed to implementing solutions to provide efficiencies and to better manage their business. Our solution has intelligence sanctions filtering which provides peace of mind for any global multinational corporation to manage risk and reputation”.

A term commonly used is KYC (Know Your Customer) - this applies to corporates that operate internationally. Corporates need to do sanctions related checks on all counterparties they work with. Nowadays, treasury departments need to hold emergency cash in local banks or in-house to protect cash balances.  Pelican Sanctions can help avoid this by flagging payments to avoid financial loss and unnecessarily holding cash balances for risk mitigation due to dealings with sanctioned entities and countries.

If a corporate sends a payment to a black listed company or country via their bank, the bank is at high risk and the corporate suffers reputational damage, which in turn affects their share price. The system can take data in any format from multiple data sources, it’s configurable and has a robust alert mechanism. Pelican Sanctions is available as a hosted system easy to install and easy to integrate. It scans all financial transactions as well as supplier, customer and employee data in real time.