Screening Against Sanction, Watch & Embargo Lists

Key Challenges

  • Ability to precisely background screen to filter out individuals and entities from your existing or potential customers that are listed on any of the local, regional & global sanction & watch-lists. In other words, never missing out on a single True-Positive match.
  • Ability to drastically reduce False-Positives to save on unnecessary due diligence & KYC compliance costs.
  • Ability to manage the entire Customer Identification Program (CIP) in a single application including updating of customer information as per changing risk categorization, expiration of documents, processing of raw sanction/watch-lists, etc.
  • Ability to demonstrate robust Risk Based Customer Identification Program (CIP) under the overall KYC compliance process, during regulatory inspections.

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KYCsphere Solution

The KYCsphere Screening Tool empowers your users to pick up a needle from a hay-stack in an efficient manner. It helps you in screening not only customers but also employees, vendors, intermediaries, partners and others against your internally compiled lists and published lists. These privately circulated, public and commercially available lists are of Politically Exposed Persons (PEPs), persons involved in financial defaults, corruption, money laundering, fraud, crime, terrorism and host of other illegal acts. The background screening process follows the Financial Action Task Force (FATF) recommended risk-based approach, which truly constitutes the technology back-bone of the entire KYCsphere toolkit.

You have the freedom to select lists that are important to your institution with its operations in specific jurisdiction(s) from over 150 such lists from all of the global sanctioning bodies, law enforcement agencies and financial regulators worldwide. Thereon our watch-list maintenance team monitors & picks up these raw lists as soon as they are published, validates for data consistency, translates, localizes & loads into the KYCsphere back-end. This list customization process ensures reduction in the number of false positives, while minimizing risks of true positives escaping. These watch-lists are constantly watched over by us for incremental updates, additions & deletions towards ensuring that your institution does not miss a single heart-beat to keep undesirable elements associated with money laundering, fraud, crime & terrorism, out of your business process. This feature-rich tool thus gives your institution market agility and regulatory flexibility without any capital expenditure and with the least of IT intervention.

See KYCsphere Sanction, Watch & Embargo Lists Screening tool in action.

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Key Benefits

  • Protects your institution against defaulters, corrupt, money launderers, fraudsters, criminals and terrorists becoming your customers or sending/receiving payments & remittances.
  • Sanction/watch/embargo lists around the world usually get published in such diverse & raw forms at irregular intervals that managing them is one of the most difficult tasks of the KYC screening process. Outsourcing this activity gives your compliance team the much needed time to focus on filtering out high risk individuals & entities including HNIs, Non Residents, PEPs and blocking out ultra high risk persons & organizations.
  • Robust features of the tool facilitate entity resolution by way of advanced name and address matching algorithm that has tolerance for misspellings, alternate spellings, abbreviations etc. The matched results are risk prioritized with extent & probability of match, while giving you the control of setting the thresh-holds. By this manner much of false positives are automatically handled by the tool, without any manual intervention.
  • Efficient batch scans against updated lists and constant surveillance based ad-hoc & periodic KYC reviews of existing customers and their payment transactions.
  • You can manage the entire KYC compliance process in simple Internet browser, including new customer account opening process, ID & Address verification, further integrated with risk and compliance management, due diligence and regulatory reporting tools. This would accelerate the process of profitable customers' On-boarding and would mitigate the risks of losses due to criminals exploiting your institution.
  • In addition to zero capital expenditure for using cloud based KYCsphere screening infrastructure, and since you can choose from the global, regional and your country's local sanction/watch-lists, you only incur subscription fees for lists that you subscribe to.
  • This tool provides organizations with a fully auditable process, look backs and reporting to be able to withstand Customer Identification Program (CIP) regulatory scrutiny.

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