Global watchlist is a database of a variety of lists across the globe that companies use to run regular identity checks against known or suspected terrorists, money launderers, frauds or PEPs.
The watchlist includes domestic and international, government, law enforcement and regulatory databases that store information on individuals who are on a criminal list or prohibited in certain industries such as finance and healthcare.
Among such people are specially designated nationals, terrorists, narcotics traffickers, money launderers, blocked persons, parties subject to various economic sanctioned programs who are forbidden from conducting business and those involved in the proliferation of mass destruction weapons.
How does it work?
Watch list screening provides an alert notifying you if an applicant is on any of the sanctions lists around the globe including:
- European Union consolidated list;
- OFAC Specially Designated Nationals & Blocked Persons;
- Denied Persons List;
- Federal Bureau of Investigation Most Wanted Terrorists & Seeking Information;
- Bank of England Sanctions List;
- HM Treasury
- Non-Cooperative Countries and Territories;
- PEP List;
- EU Terrorism List;
- World Bank Ineligible Firms;
- Department of Foreign Affairs and Trade, etc.
Two steps to a consistent screening
- Identity verification
The first step is to profile the person conducting financial transactions via identity verification using multiple independent and reliable data sources.
- Watchlist screening
The second step is to run the identity profile against a comprehensive set of watchlists. The effective way to do it will be by incorporating a global watch list screening solution that is faster and always accessible for smooth new client onboarding.
How global watchlist screening can optimizes your work
- Stay compliant with official regulations
Be notified with proactive alerts as soon as there are changes made to sanctions and watchlists;
- Decrease manual work by 90%
In our time and day reviewing and matching profiles to watchlists manually is simply inefficient. By using software we can reduce manual work and automate KYC and AML processes;
- Minimize false positives
Get reliable sanctions data from an efficient technological solution and reduce false positives, protecting your business from real frauds, criminals, terrorists, and specially designated nationals.
Staying compliant and adopting preventive measures against fraud can be much easier with our wholesome AML/KYC solution. Sumsub software renders the process fully automated, with no false positives and only accurate data gathered from watchlists, sanctions, adverse media, and PEP screenings.