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Overview

In a complex and chaotic consumer data landscape, it is critical to maintain compliance and protect the integrity of data flowing through multiple sources. The screening and onboarding process needs to be as rigorous as the increasing complexity of the data.

PrimeWatch is a powerful solution that screens the customer data against sanctions list, WL, PEP, SOC, Adverse Media list during onboarding or transaction monitoring process. It integrates and ensures AML compliance that requires companies to check if their customers and business partners appear on specific crime or sanctions watchlist databases.

PrimeWatch Screening integrates data protection and compliance categories into your working practices and streamlines the process of establishing a protected status without adding too much friction for your customers and operational burden.

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Businesses can use PrimeWatch to integrate data protection and compliance categories into their regular working practices and establish a process of secure onboarding. For legal compliances, PrimeWatch can screen the customer data against sanctions list, WL, Politically Exposed Person (PEP), State Owned Companies (SOC), Adverse Media lists.

AML watchlist screening may have to be performed at the same time as PEP, KYC and/or fraud checks many times to save on operational costs and to reduce data silos during onboarding.

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Highlights

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Flexibility

Flexibility to define any kind of rule through Rules.

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UI Configurability

Matching Rules can be defined/altered through a simple UI.

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Avoid false matching

Can apply match with Null/Accept Null for Unique parameters to avoid false matches.

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Integrations

Seamless integration with all major business systems.

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Reports

Customizable reports in pdf/xls/doc or in format of your choice.

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Read the complete guide



Types of watchlist Screening

  • Global Watchlist Screening
  • Bank watchlist screening
  • OFAC screening vendors
  • Politically Exposed Persons(PEP) watchlist screening
  • Crypto watchlist screening
  • Lender watchlist screening
  • Bridger watchlist screening
  • Anti-Money Laundering (AML) watchlist
    screening

How AML Watchlist Screening Works?


Anti-Money Laundering (AML) watchlist compliance is a must during the onboarding or transaction monitoring process. Companies need to check if their customers and business partners appear on specific databases, including crimes and sanctions watchlists to be AML compliant.

These databases contain the names of criminals, suspected terrorists, sanctioned individuals, and politically exposed persons – as the latter are deemed more likely to be targeted for bribes and corruption.

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Benefits

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More agility

Enterprises can quickly identify customers or entities who are flagged as risky and mitigate risk by avoiding them.

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Faster compliance

Establishes robust data compliance and protection practices across the data platform and leaves a data compliance footprint for further use.

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Real-time resolution

Provides fastest resolution response by helping businesses for screening against watchlists on a real-time basis.

Frequently Asked Questions

Known AML crime lists include Europol fugitives, Interpol’s Most Wanted List, and the FBI’s Most Wanted & Fugitives.
Crime watchlists focus on convicted criminal names, while sanctions watchlists contain the names of individuals who are prevented from doing business in certain countries. Automated AML tools can allow screening of these watchlists at the same time.
The algorithm does name matching and fuzzy search against all the names in the database. A key challenge with name searches could be spelling variations, different alphabets, and even nicknames.
Most AML solutions rely on fuzzy matching, which is designed to reduce false negatives that may arise from spelling variations. AML screening can be automated and confidence scoring can be calculated to give the system’s accuracy metrics.