Comply with the ever-evolving AML/CTF regulations using the robust real-time sanction lists monitoring.
Sanction lists are published by the governmental and financial authorities to aid businesses choose reliable partners and clients.
Such lists also include persons taking part in criminal activities and people affiliated with those.
Failing to check the customer against those lists poses a threat of financial fraud, therefore it may lead to massive penalties or fines.
At the same time, it is quite often that personal data of different people looks alike, which may lead to blocking a legitimate user from accessing the service. It’s called a false positive result and reducing those is in the interest of any business.
For that, among the tools that BASIS ID has, a fuzzy matching feature is available, when the user is compared with the record in the lists by a vast number of parameters.
This allows to reduce the chances of false-positive results and to onboard more customers.
Many financial institutions have huge departments that conduct those checks manually, however, it doesn’t exclude the chance of human error and poses large expenses. BASIS ID software allows to reduce the manual load and save real money.