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Complinet Global Screening™

Today's global financial services industry is exposed to an unprecedented level of risk, including the abuse of the system by money launderers, terrorists and fraudsters. International regulations and guidelines, designed to prevent criminals entering the global economic system and disguising their activities, now impose rigorous standards on anti-money laundering (AML), identity verification and know your customer (KYC) processes. These statutes include:

  • USA PATRIOT Act
  • Third EU Money Laundering Directive
  • UK Proceeds of Crime Act 2002 and Terrorism Act 2000
  • Canada Bill C-25
  • Australia Anti-Money Laundering and Counter-Terrorism Financing Act 2006

All financial institutions are required to conduct extensive KYC and due diligence activities. They must also monitor, investigate and report transactions and activities of a suspicious nature.

Traditional Approaches to Screening

Historically, organizations have resorted to using multiple technology and data vendors together with in-house solutions to draw together all the strands of their AML and KYC operations. Multiple systems and methodologies result in duplicated effort and serve to reinforce divisional structures that do not share or cross-reference vital customer information.

This approach is costly, inefficient and resource-intensive. It means compliance staff often spend days, weeks or months sifting through irrelevant information and false positives.

In addition, the level of retrospective and repeated screening required for most institutions — often involving customer lists that run into the many millions — incurs large and unnecessary operational costs.

The cost-effective deployment of a unified and reliable AML system can be a formidable challenge. It takes a systematic and connected approach that draws on regulatory knowledge beyond that of generic providers.

Complinet - A Connected Approach to Screening

Complinet's approach to screening is unique and trusted across the industry. Global Screening provides a total end-to-end AML solution that connects all your due diligence, AML and anti-fraud activities in a unified risk-based approach, to ensure you receive the best information, training and operational services available.

The configuration and deployment of these services is based on your level of requirement; from an instant-on single name or entity check through to an integrated enterprise-level solution for high-volume checking and case management.

Global Screening lets you introduce intelligent and consistent KYC and AML practices that span the KYC value chain. Its modular solution suite provides all the essential components for an integrated AML compliance program:

Benefits
  • Unifies KYC and AML processes to maximize efficiency and drive down operational costs.
  • Multiple deployment options built on systematic best practice and technology designed to accommodate your individual risk-based approach.
  • Global coverage in an international regulatory environment with an ever-expanding, standardized and constantly updated list database.
  • Sophisticated and finely tuned filtering techniques to dramatically reduce false positives while simultaneously minimizing the risk of missing true matches.
  • Flexible — developed to accommodate changing legislation and use for business beyond compliance.
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