Since the 9/11 attacks, banks and financial institutions have become a focal point for AML regulation globally. Regulators everywhere are requiring banks to establish AML compliance programs, and to put in place stringent measures against money laundering and terrorist financing. These regulatory demands have placed an enormous pressure on banks to ensure that they are not in violation of AML compliance standards. Banks are required to conduct KYC due diligence when onboarding new clients, and to review existing customers with the goal to identify customers that pose money laundering and terrorist financing risks to them.
The World-Risk Database is designed to enable financial institutions check customer records against verified list of Politically Exposed Persons (PEP) and Specially Designated Individuals (SDNs). The World-Risk database has been developed to assist financial institutions in meeting their obligations under AML/CTF regulations in an efficient, user-friendly, and cost-effective manner. The World-Risk database is designed to reduce your institution’s potential exposure to PEP and KYC risk using a bespoke platform to provide up-to-date risk profiles of politically exposed persons and sanctioned individuals.
The KYC E-Screening solution is designed to be used by reporting entities in multiple industries.