Compliance Consultancy
Risk management and Consultancy firm

Screening


Businesses and financial institutions continuously face risks and obligations, such as business growth, regulatory expectations, etc. The level of responsibility is growing in the prevention of financial crime. Therefore, it is essential for companies and financial institutions to be vigilant about the collection and preparation of data and the solving of problems.

What is the meaning of Screening term for Compliance activities ?
Screening refers to an essential step of the customer identification and verification process for financial institutions. The process of screening involves comparing specific research terms against an extensive list of sources of information to return matches.


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!

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