What is Batch Screening?
Batch screening involves using Automated Screening Tools (ASTs) to periodically screen a firm's entire customer base and associated entities, like vendors. This process is crucial for maintaining AML compliance across large databases.
What are Types of Screening in AML?
In AML, various types of screening are employed, including:
What is the Sanction Screening Process?
The sanction screening process involves comparing customer data against international and national sanctions lists. ASTs automate this process, generating alerts for potential matches. These alerts are then investigated to determine if they are true positives.
What is the AML Name Screening Procedure?
AML name screening involves verifying customer identities against watchlists, including sanctions lists and PEP lists. This process aims to identify individuals or entities that may pose a risk of money laundering or terrorist financing.
What is the Customer Screening Process in AML?
The customer screening process in AML encompasses various checks, including identity verification, sanctions screening, PEP screening, and adverse media screening. This process is conducted during customer onboarding and periodically throughout the customer relationship.
What is a Batch in Finance?
In finance, a batch refers to a group of transactions or data processed together. In the context of batch screening, it refers to screening a large group of customer records at once, rather than individually.
Batch screening is vital for maintaining up-to-date compliance with AML regulations. Robust KYC and ongoing monitoring are crucial parts of the process. Services such as SmartSearch can assist in providing up-to-date information, and assisting in identifying high risk clients.