New payment innovators, FinTech, Virtual Currency exchanges, and MSBs face the challenge of not knowing which sanction lists they should be screening for AML compliance. Their compliance programs often lack a risk-based approach to sanction screening, resulting in tremendous cost inefficiencies.
When an auditor flags a MSB or FinTech for not doing enough to fight AML/CTF crime, the impulse response is to ‘Select All’ and screen every list available to them indiscriminately. In other words, they go from screening just one list (most likely OFAC) to “over-screening.”
At KYC2020, we could have invested in writing a blog and talked about why “over-screening” is an expensive problem. We could have dug into how over-screening results in excessive false positives. Into how these false-positives require manual effort to clear and cause unnecessary cost and friction that slows down customer onboarding. And we could have told you how our paid services could help.
Instead, we decided to have our CAMS™ AML specialists build a tool to help you identify what Sanction, PEP, and Watchlists you should be screening based on your company’s risk profile. And we decided to make our watchlist builder available free of charge. Of course, we have the standard disclaimers, and you should already know that a tool cannot replace the advice of your Compliance Officer.
The tool gives you an effortless way to check to see what sanction and PEP lists we think you should be screening and whether you are doing enough, or too much based on your AML Risk Profile.
It’s a 5 minute investment of your time. Get started by clicking below.
So what’s the catch? Nothing! The tool is no obligation and we do not take any payment information. We do hope you might take the time to see what awesome and affordable AML compliance solutions we offer, from Global Watchlist Data to Sanction Screening to AML compliance consulting services. Chat with us online now, email us, or just use the tool. Our aim is to put an end to over-screening and reduce the cost and friction of AML compliance.
And oh by the way, if you want to learn more about ‘Over-Screening’ and other AML compliance challenges faced by Non-Bank Financial Firms and FinTech Payments Innovators, read our Whitepaper. It’s long and possibly dry, but it may help you save some money, reduce compliance friction, and improve the customer experience.