AML Name Screening is one of the methods used for risk assessment of existing or potential customers of organizations under the AML obligation. Businesses should scan their current and potential customers on sanctions, PEPs, banned/wanted lists, and adverse media data using AML Screening software. Companies should scan their current and potential customers on sanctions, PEPs, banned/wanted lists, and adverse media data using AML Screening software . AML Screening is the main component of Anti-Money Laundering compliance.
Risk-based approach has become well-known since regulators expect companies to adopt a risk-based approach. The risk-based approach helps organizations reduce false positives and false negatives by classifying their customers according to their risk levels. Therefore, companies should plan a risk-based control process to detect financial crimes such as money laundering and terrorist financing.
Purpose of AML Name Screening
Name Screening has two purposes. The first purpose is to build a risk assessment. Risk assessment is essential as it helps organizations detect high-risk customers and take necessary steps to monitor their financial activities. Customer Due Diligence (CDD) and Know Your Customer (KYC) are two other compliance programs that help companies build risk assessments.
The second purpose of name screening is to help organizations detect and report suspicious activities. Companies that fail to comply with AML regulations face penalties. Therefore, companies use Name Screening software to scan their customers on sanctions lists , PEPs lists , and adverse media data .
AML When Do Companies Perform Name Screening?
- Businesses have to perform name screening in customer account opening processes to comply with AML regulations.
- The risk level of existing customers can change over time. Therefore, businesses should check them periodically using name screening.
- Companies should scan organizations/individuals they want to build business relations with using The Ultimate Beneficial Owner .
AML Name Screening with Sanction Scanner
Sanction Scanner's database contains sanctions lists, PEPs lists, and adverse media data from more than 200 countries. Sanction Scanner updates all its data at fifteen-minute intervals. In addition, sanction Scanner provides
AML Name Screening Software
.
Businesses can scan their customers on sanctions lists, PEPs lists, and adverse media data
with the software in seconds.
Sanction Scanner's AML Name Screening software matches data from the same person on different lists and shows all results in one profile as an enhanced profile. Sanction Scanner API supports all the features of Anti Money Laundering Screening software. Thus, businesses can perform all of their operations automatically in the background.
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