Comparison at lightning speed with the new PROMOS Sanction List Check

Background – legal basis, goal, recommendation

At least once a year, property and real estate companies are required by EU law to check their business contacts against an online sanction list, also known as the anti-terror list. The objective of the EU directive is to stop the funding of terrorism. It is meant to result in the severing of all business contacts between European companies and terrorist persons or organisations.

New mode of functioning – algorithm, selection criteria, results list

With the PROMOS Sanction List Check, the comparison of business contacts has long been performed fully automatically in SAP^®. So what’s new now? The entire coding of the report has been adjusted to make the results of the search run even more accurate. The PROMOS Sanction List Check now uses a modern version of the Metaphone algorithm, rather than an outdated comparison algorithm with weighting recommended by SAP^®. In it, coding is based on the character string, rather than a phonetic comparison, so the decisive factor is the position of the letter in the word to be checked. In addition, with the switch to the new algorithm, the sanction list available on the Internet is specially formatted before the actual comparison takes place. The PROMOS Sanction List Check gives the user an easy-to-use template which provides the option of comparing all the business partners that exist in SAP^® or to select just a subset. For example, the user can restrict the check based on business partner numbers or search for a specific name and compare this with the sanction list. The results lists can be downloaded in Excel format using SAP^® functions and sent to the relevant authorities.