Compliance Consultancy
Risk management and Consultancy firm


What is the meaning of Screening term for Compliance activities ?
Are you familiar with the term "screening" or are you wondering what does it mean? For compliance professionals, it refers to an essential step of their customer identification and verification process of their financial institution.

How is screening research defined ?

The process of screening is simple to understand. And it might sound familiar.
Think of a search box that could find any information on anything. Yes, search engines. The objective is to compare an (extensive) list of sources of information against specific research or terms to return the matches that were found.
Returned results are analysed and ranked to provide the best potential information before being displayed to the operator for interference.
How to build a KYC- AML Screening Solution ?

What is the basis for developing a screening tool ?

How to build an AML KYC Screening System ?
The list of sources of any screening platform is the root that will potentially contain the information the end-user seeks. The highest importance shall be given to the implementation of a well-defined (and constantly updated) scheme of desirable and relevant sources of data according to your domain.
A clear goal vision and close collaboration with business operators are mandatory to anticipate future obsolete results.

A first step to building such engines is to define the model of the solution.
Beginning with the obvious, what do we search? Depending on the scale of the context, the complexity of the screening methodology can vary from plain to advanced.
At this point it seems enough, but that's without considering the amount of data that must be analysed to return potential true positive information.

Should the screening process be entirely automated ?

The short answer is no.
Well, one should say it depends on the type of sources of information. If you are considering the use of an automated screening methodology in your operations it's because you want to process a considerable amount of data, link multiple unstructured sources of data and reconcile the results.
Simple balances are more comfortable to handle manually, and structured sources of information are fine.
Automate Screening Results Analysis Compliance

In the previous context, will a customised algorithm narrow the list of results to precisely what you are looking for? In that context again, the automation of screening results will never be 100% reliable (not even close) and will always require an analyst's interaction to validate the findings. The most straightforward proof is Google. As performant as the most used research algorithm of the planet is, it might also return unwanted results, making you wonder why are they there?

The main reason is the variety, amount, and duplication of data that you capture in your unstructured sources. These generate false-positive results due to the non-categorized root information that falsely leads the algorithm to classify them as potential matches.

Businesses and financial institutions continuously face risks and obligations: business growth, regulatory expectations, etc. The level of responsibility is growing in the prevention of financial crime. It goes without saying for companies and financial institutions to be vigilant about the collection and preparation of data and the solving of problems.
Pideeco can help you set up an automation technique when filtering. By adding an innovative solution to meet your specific needs while respecting the regulation, you will have an advantage that will save you time.

Was this service page helpful ?  
Cybersecurity - Compliance Consultancy

Faced with the outbreak of highly targeted attacks and a highly regulated environment...

Terrorist Financing - Compliance Consultancy
Terrorist Financing

The financing of terrorism is defined as the distribution or collection of funds, in ...

Anti Money Laundering - Compliance Consultancy
Anti Money Laundering

Anti-money laundering compliance regulations are a challenge for financial institutio...

Screening - Compliance Consultancy

Are you familiar with the term "screening" or are you wondering what does it ...

Anti Fraud - Compliance Consultancy
Anti Fraud

Fraud is one of the most damaging risks your business can faceWe are in a persistent ...

Common Reporting Standard - Compliance Consultancy
Common Reporting Standard

Where does the Common Reporting Standard (CRS) idea comes from ?The concept of agreei...

Politically Exposed Persons - Compliance Consultancy
Politically Exposed Persons

It is essential that your financial company understands the concept of Politically Ex...

Customer Due Diligence - Compliance Consultancy
Customer Due Diligence

The Customer Due Diligence (hereafter “CDD”) investigation is required by EU juri...

Payment Service Directive 2 - Compliance Consultancy
Payment Service Directive 2

The idea behind the Payment Service Directives (PSD) aims at simplifying the lives of...

MiFID MiFIR - Compliance Consultancy

The Directive 2014/65/EU (hereafter the "Directive") on markets in financia...

Cryptocurrencies - Compliance Consultancy

What are the dangers of cryptocurrencies?Cryptocurrencies are virtual or digital curr...

Sanctions and Embargoes - Compliance Consultancy
Sanctions and Embargoes

Due to globalisation, companies are increasingly exposed to the risk of sanctions, op...

Insider Dealing - Compliance Consultancy
Insider Dealing

Insider dealing (the term "insider trading" is also frequently used) arises w...

Anti Bribery and Corruption - Compliance Consultancy
Anti Bribery and Corruption

Fighting against dumping and bribery is required for any company. Suspicions of corr...

Know Your Customer - Compliance Consultancy
Know Your Customer

Financial institutions must be able to identify and verify the identity of their cus...

FATCA - Compliance Consultancy

Do you know FATCA?The Foreign Account Tax Compliance Act ("FATCA") was enacte...

Market Abuse - Compliance Consultancy
Market Abuse

Market Abuse is a concept that encompasses unlawful behaviour in the financial market...

Get in touch with us - Compliance Consultancy
Get in touch !

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
Discover Pideeco Compliance Services and Business solutions for your operational business needs
Domain Experts
Damian Vildosola Truche - Pideeco Network Partner
Damian Vildosola Truche
Senior Consultant
Ruben Constantino David - Pideeco Network Partner
Ruben Constantino David
Junior Consultant
Andre Figueira De Carvalho - Pideeco Network Partner
Andre Figueira De Carvalho
Junior Consultant
Drini Vula - Pideeco Network Partner
Drini Vula
Senior Consultant
What are the impacts of Financial Data Leaks?
Stefano Siggia

In the past decade, a series of leaks from insider sources have shed light on the complex systems of money laundering, tax evasion, and fraud perpetrated by certain countries and wealthy individuals. The profound work carried out by international journalists in publish...

Read more Author What else ?
What are the impacts of Financial Data Leaks? - Pideeco Journal