Which term refers to a tool for identifying sanctioned entities or transactions?

Study for the Certified Bank Secrecy Act Professional Test. Use flashcards and multiple-choice questions with hints and explanations. Get exam ready!

Identifying sanctioned entities or transactions relies on a dedicated tool that automatically checks customers and payments against official sanction lists. This tool, sanctions screening software, ingests lists from authorities such as OFAC, the EU, and the UN, applies matching rules (exact and fuzzy), and flags potential matches for further review. It supports onboarding and transaction monitoring by enabling timely, compliant decisions and helping prevent dealings with sanctioned parties. The other terms describe processes or outcomes rather than the screening tool itself: timely identification is about recognizing risk quickly, self-disclosure is the act of reporting to authorities, and blocked funds are assets that have been frozen. Thus, sanctions screening software is the term for the tool used to identify sanctioned entities or transactions.