Screening
Why is screening important?
To identify and reduce potential risks linked with transactions and clients, screening is a crucial activity in financial institutions. Financial institutions can avoid illicit actions like fraud and corruption by screening their clients to verify that they adhere to anti-money laundering (AML) and counter-terrorism funding (CTF) rules. Identifying politically exposed individuals (PEPs) and high-risk individuals or entities, as well as determining whether their financial activities are legal, is another benefit that screening offers banks.Without adequate screening, financial institutions could be subject to serious financial and reputational risks, which could lead to fines, lost revenue, and reputational harm.
How can Pideeco help you with Screening?
Financial organizations struggle with screening because it necessitates analyzing massive amounts of data and staying current with risk profiles and rules that are continuously changing. Pideeco's decade-long experience in compliance and screening can help your company to:- Analyze your current screening methods and tools to develop a gap analysis and a mitigating action plan
- Draft or improve your current screening policies and procedures
- Perform screening of clients on your behalf, including PEP screening and blacklist screening
- Tweak your screening tools to improve their performance
- Choose the best screening tool and lists
- Validate the accuracy of the screening lists provided by the vendor
Let us know how we can help! We'll get back to you lightning quick!
You'd rather talk face to face? Complete the form and schedule a meeting
What is an embargo?As a result of globalization, businesses are more likely to face t...
Anti-money laundering (AML) is an important aspect of the financial industry because ...
Businesses and financial institutions continuously face risks and obligations, such a...
Fighting against dumping and bribery is required for any company. Suspicions of corru...
What is FATCA?FATCA is the US Foreign Account Tax Compliance Act, enacted in 2010 to ...
Financial institutions must be able to identify and verify the identity of their cust...
What is MiFID II and MiFIR?The Directive 2014/65/EU (hereafter the "Directive"...
Faced with the outbreak of highly targeted attacks, risk management and information s...
Customer due diligence (CDD) is the process of verifying the identity of a customer o...
The financing of terrorism is defined as the distribution or collection of funds, in ...
Insider dealing (the term "insider trading" is also frequently used) arises w...
Fraud is a significant risk for businesses, with technological advancements leading t...
Since 2007, the technological development and the growth of electronic and mobile pay...
What is the Common Reporting Standard (CRS)?Following the 2010 US Foreign Account Tax...
As part of their KYC procedure, financial firms submitted to AML regulation must list...
Financial markets have become increasingly global, giving rise to new trading platfor...
What are the dangers of cryptocurrencies?Cryptocurrencies are virtual or digital curr...
We'll present you the technology to stop money laundering and terrorist financing
Europol defines Financial Crime as "illegal acts committed by an individual or a group of individuals to obtain a financial or professional advant...
Return to financial crime
In an era where technology evolves at a rapid pace, criminals are quick to adapt, developing increasingly sophisticated methods to exploit vulnerabilities within financial systems and testing the boundaries of traditional KYC practices. How can compliance experts create...
Read more Author What else ?