Direct price comparisons, 3 steps to unlock savings and the benefits of a local African-made products – this is how you can save up to 98% on sanction list screening
Sanction list screening is a critical component of anti-money laundering (AML) compliance. But, as we highlighted in our review of balancing cost vs AML compliance, African companies face extreme challenges with international screening tools due to unfavorable exchange rates.
This often leads to exorbitant costs, making African businesses less competitive. However, there's a local, more cost-effective solution: ZenDetect Sanction Screening.
If you’re an African company needing to implement AML compliance through sanction screening, this is how to save up to 98% on sanction screening costs.
Local Solution for a Global Challenge
ZenDetect is a locally (African) built tool designed to offer competitive pricing in the AML space. By opting for ZenDetect, companies can save up to 98% on their sanction list screening.
This is no arbitrary number, though. We conducted a comprehensive price comparison with various sanction screening providers, including from the UK, US, and local (Southern African) providers, and here are our findings (converted to ZAR for ease of reference and, to be respectful towards the other companies, we’ve kept it anynomous):
Sanction Screening Price Comparison
Note: Most providers charge per scan, while ZenDetect only has a monthly fee of 65c.
Given that the UN updates its sanction lists approximately twice a month, those paying per scan should anticipate doubling their monthly API calls.
Consequently, ZenDetect is significantly more affordable:
- 85% cheaper than Competitor 1
- 72% cheaper than Competitor 2
- 98% cheaper than Competitor 3
- 94% cheaper than Competitor 4
- 80% cheaper than Competitor 5
Lower screening fees mean you get to pass savings onto your clients, to make yourself more competitive. Or use it to increase your margins and generate more profit.
How to Save on Sanction Screening with ZenDetect
STEP 1: Book a Demo with us and we'll show you how ZenDetect operates, discuss technical details, and explain integration with your admin systems.
STEP 2: Our team will assist your developer in integrating ZenDetect, or help you find a developer for this purpose.
STEP 3: As soon as it’s set up, you can bulk upload your database and screening begins immediately – the system will continuously and automatically screen, and you’ll be notified whenever the Sanction Lists are updated or if there’s a flag that requires your attention.
See how to get sanction screening in Africa, learn about AML compliance for microlenders and see the business benefits of sanction screening.
And see why the SA Reserve Bank has fined Grindrod Bank R10m for non-compliance, plus:see why you need great AML in property sales.
The Benefits of ZenDetect Sanction Screening
- Cost-Effective: Drastically reduces your AML compliance costs.
- State-of-the-Art Technology: Offers continuous and automated screening.
- Easy Reporting: Simplifies compliance reporting.
- Timely Updates: Automatically updates in sync with Sanction list changes.
- Continuous Scanning: Ensures your records are always up-to-date.
- Bulk Upload Capability: Manages large volumes of data efficiently.
- Granular Control: Provides detailed control over every record.
- Seamless Integration: Compatible with various admin and operational systems.
ZenDetect is not just a tool; it's a solution tailored to African businesses' unique needs in the global AML landscape.
By choosing ZenDetect, you're opting for affordability, efficiency, and compliance ease, ensuring your business remains competitive and compliant.
