{"id":19483,"date":"2022-09-15T06:00:05","date_gmt":"2022-09-15T06:00:05","guid":{"rendered":"https:\/\/www.trulioo.com\/?p=19483"},"modified":"2023-09-01T16:47:48","modified_gmt":"2023-09-01T16:47:48","slug":"global-watchlist","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/business-verification\/global-watchlist","title":{"rendered":"Automating Global Watchlist Search, Screening and Monitoring"},"content":{"rendered":"\n

Regulated organizations must search and screen global watchlists for named corrupt, criminal, and sanctioned people and entities. Having robust and effective processes to uncover accounts that are trying to launder money, evade sanctions and obfuscate money trails is critical to ensure compliance and protect your organization\u2019s integrity.<\/p>\n\n\n\n

As part of a major product update, Trulioo now offers enhanced Watchlist Screening. The update includes the launch of UtilityID and upgraded Business Verification. Together, these services streamline the onboarding of consumers and businesses and provide continuous monitoring for fraud, money laundering and illicit behavior throughout the customer lifecycle.<\/p>\n\n\n\n

Global watchlist<\/h2>\n\n\n\n

Organizations that must comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations need to perform a detailed politically exposed person<\/a> (PEP) and sanction check when onboarding new customers and on an ongoing basis.<\/p>\n\n\n\n

FATF Recommendation 12 defines<\/a> a PEP as an individual who has been entrusted with prominent public functions either domestically or abroad, such as, for example, a head of state or senior politician. The PEP list also includes close business associates and family members. As these individuals have influence, or potential influence, over government contracts and oversight functions, their ability to enable corrupt activities requires special attention.<\/p>\n\n\n\n

Sanctions lists<\/a>, often referred to as Anti-Money Laundering (AML) watchlists, are a compilation of multiple regulatory and Enhanced Due Diligence<\/a> (EDD) lists from all major sanctioning bodies worldwide, including global and in-country lists.<\/p>\n\n\n\n

A thorough global watchlist search and screening program includes checks on sanction and PEP lists. <\/strong>These watch lists are continually updated with new names. So, both the sanctions and PEP screening should be done in real-time<\/a> to adhere to KYC requirements and to create a seamless customer onboarding process.<\/p>\n\n\n\n

Adverse media screening<\/h2>\n\n\n\n

While the various watchlists are constantly being updated, names not on a watchlist can still be problematic. Perhaps the person or entity is involved in recent activities, and there hasn\u2019t been enough time to add them to a watchlist. Or, maybe some activities pose a reputational risk but don\u2019t rise to the level of being on a watchlist.<\/p>\n\n\n\n

Awareness of potential reputational issues with your accounts is a proactive step to understanding your organization\u2019s risk. Adverse media screening (or negative news screening) monitors media and web channels for mentions of specific people or entities you want to track.<\/p>\n\n\n\n

In situations requiring EDD, adverse media screening might be advisable or even required. As far back as 2014, the Financial Action Task Force (FATF) suggests EDD steps can include \u201ccarrying out additional searches (e.g., verifiable adverse media searches<\/a>) to inform the individual customer risk assessment.\u201d<\/p>\n\n\n\n

In The Wolfsberg Group FAQ about negative news screening<\/a>, they point out that these procedures can help:<\/p>\n\n\n\n