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Know Your Customer (KYC)

Industry, law and regulatory lists, such as those that the Office of Foreign Assets Control, HM Treasury, EU and Financial Crimes Enforcement Network provide, all identify restricted, sanctioned, prohibited and high-risk individuals and businesses. This includes known terrorists, money launderers, fraudsters, politically exposed persons (PEPs) and black-listed persons, entities and countries. Under international anti-money laundering (AML) regulation, foreign PEPs also need to be identified and assessed to ensure that no proceeds of foreign corruption enter the world economic system.

Complinet Global Screening consolidates multiple data sources into a single location. It checks against sanctions, law enforcement, regulatory enforcement, PEP and other global lists for restricted, sanctioned, prohibited and high-risk parties. Lists are updated twice daily and undergo rigorous quality control and structuring from an in-house team of data and compliance experts.

The Old Approach

Traditionally, firms have resorted to spending countless hours scouring issuer sites or using multiple data vendors in an attempt to manage the risk associated with ongoing sanctions changes. Generic search technology, not refined to accommodate risk profiling or the variances of naming conventions, has led to firms being inundated with unwanted false positive results.

Complinet Global Screening

Complinet Global Screening sanctions, enforcement and PEP checks have a number of deployment options to suit your business requirements, from conducting single name checks through to retrospective and ongoing checks of millions of client names. Complinet's advanced search technology and risk-based approach helps your business reduce false positives and integrates your screening processes, saving time, money and resources.

Benefits

  • Complete, correct and updated information from the broadest range of official and reliable sources.
  • All data is standardized with advanced taxonomies applied.
  • Date of birth (DOB) and place of birth (POB).
  • Connects your sanctions and enforcements and PEP screening procedures to total know your customer (KYC), Customer Identification Program (CIP) and AML processes.
  • Ideal structure for an efficient client portfolio check.
  • In line with regulatory requirements — conforms with PEP definitions worldwide.
  • Audit proof — full documentation with content description and review dates for auditors and regulators.
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